HP profit beats forecasts on higher PC sales

Dhaka,  Tue,  26 September 2017
Published : 24 Aug 2017, 14:39:23
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HP Inc's quarterly profit beats forecasts on higher PC sales

Reuters
HP Inc, which houses the hardware business of former Hewlett-Packard Co, reported a slightly higher-than-expected quarterly profit as it sold more personal computers.

Revenue from HP's personal systems unit, which sells notebooks, desktops, and workstations, rose 12 per cent to $8.40 billion in the third quarter ended July 31. Notebook sales increased 16.4 per cent, offsetting a dip in desktop sales.

The Palo Alto, California-based company forecast full-year earnings per share of $1.63-$1.66 compared with analysts' estimate of $1.64, according to Thomson Reuters I/B/E/S.

The company, which bought Samsung Electronics Co's printer business in September, said on Wednesday revenue from its printer and copier business rose 6.2 per cent to $4.70 billion in the reported quarter.

However, net earnings from continuing operations fell to $696 million, or 41 cents per share, from $843 million, or 49 cents per share.

Total revenue rose 10 per cent to $13.1 billion, beating analysts' average estimate of $12.31 billion.

Excluding items, the company earned 43 cents per share. Analysts on average expected earnings of 42 cents.

Shares of HP, which have gained 27 per cent since the start of the year, were down marginally in after-hours trading on Wednesday.
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