HP Q2 Profit, Revenues Beat Street View

(RTTNews) - HP Inc. (HPQ), the PC and printer business of the former Hewlett-Packard Co., on Tuesday reported results for the second quarter, with both profit and revenues beating Wall Street analysts' estimates, driven by strong demand for computers.

HP's second-quarter profit was $1.00 billion or $0.94 per share, compared with net income of $1.23 billion or $0.98 per share last year.

Adjusted earnings were $1.08 per share, compared with $0.93 per share in the year-ago quarter. Analysts polled by Thomson Reuters expected earnings of $1.05 per share for the quarter.

Revenue rose 3.9% to $16.49 billion from $15.88 billion a year ago. Analysts had a consensus revenue estimate of $16.17 billion.

Personal Systems revenue was $11.5 billion, up 9% year over year. Total units were down 17% with Notebooks units down 23% and Desktops units up 11%.

Printing revenue was $5.0 billion, down 7% year over year. Total hardware units were down 23% with Consumer units down 24% and Commercial units down 17%.

Looking forward to the third quarter, the company expects adjusted earnings of $1.03 to $1.08 per share. Analysts had a consensus revenue estimate of $1.02 per share.

For the fiscal year 2022, HP now expects adjusted earnings of $4.24 to $4.38, up from prior estimate of $4.18 to $4.38 per share. Analysts currently estimate earnings of $4.25 per share.

HPQ closed Tuesday's trading at $38.84, up $0.09 or 0.23%, on the NYSE. The stock, however, slipped $0.04 or 0.10% in the after-hours trading.