HP's quarterly profit beats on higher PC sales

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Revenue from HP's personal systems unit rose 12% to $8.40 billion.
Revenue from HP's personal systems unit rose 12% to $8.40 billion.

HP, which houses the hardware business of former Hewlett-Packard, 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% to $8.40 billion in the third quarter ended 31 July. Notebook sales increased 16.4%, 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' printer business in September, said on Wednesday revenue from its printer and copier business rose 6.2% 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% 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% since the start of the year, were down marginally in after-hours trading yesterday.

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