HP Inc., the home of former Hewlett-Packard Co’s hardware business, released marginally higher quarterly profit figures than expected yesterday. The main reason for the rise in revenue is because it sold more personal computers than originally projected.
Income from the company’s personal systems division, which sells desktops, notebooks and workstations, increased by 12% during the three-month period ending on 31st July 2017. Notebook sales, in particular, went up by 16.4% – more than offsetting a drop in sales of desktop computers.
Thomson Reuters said that the firm’s projected EPS (earnings per share) for the full year now stands at between $1.63 and $1.66, compared with analysts’ initial estimates of $1.64.
The company, which purchased the printer division of Samsung Electronics in September last year, said the income from its copier and printer business increased by 6.2% to $4.7 billion during the quarter under revision.
Net profits from ongoing operations, however, dropped by $0.41 per share to $696 million. This is significantly lower than the $0.49 per share or $843 million of the previous period.
Total income has increased by 10% to an impressive $13.1 billion, notably higher than the $12.31 billion predicted by analysts.
The company’s earnings amounted to $0.43 per share (excluding items), compared to the $0.42 predicted by most analysts.
After the report, HP Inc.’s share price, which increased by 27% since the beginning of 2017, dropped slightly in after-hours trading.
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