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HP Inc tops revenue estimates on growth in personal systems business

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HP Inc tops revenue estimates on growth in personal systems business
The Hewlett-Packard (HP) logo is seen as part of a display at the Microsoft Ignite technology conference in Chicago, Illinois, May 4, 2015. REUTERS/Jim Young/File Photo   -   Copyright  Jim Young(Reuters)
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(Reuters) – HP Inc <HPQ.N>, which houses the hardware business of former Hewlett-Packard Co, reported quarterly revenue that beat analysts’ estimates on Thursday, driven by growth in its personal systems that sells notebooks and desktops and the acquisition of Samsung’s printer business.

The personal systems business, which accounts for more than 60 percent of HP Inc’s total revenue, rose 11 percent to $10.06 billion, beating analysts’ average estimate of $9.78 billion, according to IBES data from Refinitiv.

The Palo Alto, California-based company had the second position in worldwide PC shipments in the third quarter with a 22.8 percent market share, down from 23.9 percent in the preceding quarter, according to research firm International Data Corp’s data.

HP Inc, which completed the acquisition of Samsung Electronics Co’s <005930.KS> printer business last year, said revenue from its printing business rose 9.1 percent to $5.30 billion, slightly below analysts’ estimate of $5.31 billion.

The company also forecast current-quarter adjusted profit between 50 cents to 53 cents per share. Analysts expect a profit of 52 cents per share.

Net earnings rose to $1.45 billion, or 91 cents per share, in the fourth quarter ended Oct. 31, from $660 million, or 39 cents per share, a year earlier.

Excluding items, the company earned 54 cents per share, in line with average analyst estimates.

Net revenue rose to $15.37 billion from $13.93 billion. Analysts on an average had expected the company to report a revenue of $15.1 billion.

(Reporting by Akanksha Rana in Bengaluru; Editing by Shailesh Kuber)

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