HP Inc. (HPQ) has posted positive results for Q2 that are better than had been anticipated. The strength of the technology company’s results was largely thanks to improving PC sales.
HP Inc. Results Boosted By Greater PC Demand
The firm’s adjusted earnings per share of $0.82 and net revenue of $12.8bn were both higher than expected. This led to HPQ amending its predicted full-year adjusted earnings per share to a range that covers from $3.30 up to $3.60. These results haven’t affected the forecast for its free cash flow forecast, as the estimate remains at $3.13bn.
The net revenue figure was 0.8% on a year-on-year basis, but this was still ahead of the $12.59bn estimate. One area showing growth was personal systems revenue, which increased by 3.1% to reach $8.43bn and beat estimates. On the other hand, printing revenue dropped by 7.8% from last year’s figure to $4.37bn. This was slightly lower than the estimate of $4.38bn.
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These results helped to lift the HPQ share price by over 2% in after-hours trading. The firm’s share price has risen by 9% in the year to date.
Enrique Lores, the company’s CEO and president, said:
As the market recovers and new AI PCs are introduced, we are well positioned to drive profitable growth across our business.
Lores also pointed out that they expect 10% of their PC sales in the second half of this fiscal year to be derived from AI PCs.
