HP tops Q2 targets as PC sales increase 10 percent

HP CEO Dion Weisler said Q2 marked the first time in seven years that revenue from both PC and printer sales increased over the same quarter.

HP Inc. reported better-than-expected second quarter financial results Wednesday as two key revenue segments saw long-awaited growth.

Overall, the tech giant reported non-GAAP earnings of 40 cents per share on revenue of $12.4 billion, up 7 percent year-over-year on constant currency measure.

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Wall Street was looking for earnings of 39 cents per share with $11.88 billion in revenue.

Personal systems revenue was up 10 percent with consumer sales falling 16 percent. Commercial sales fell seven percent and printing was up 2 percent from a year ago.

HP CEO Dion Weisler said Q2 marked the first time in seven years that revenue from both PC and printer sales increased over the same quarter, suggesting HP's "reinvention is paying off."

"We're delivering solid performance across our portfolio, in all regions, and on key financial metrics," said Weisler, in prepared remarks. "Our team is taking profitable share, out-executing our competitors and delivering some of the best innovation in HP's history."

For the current quarter, HP expects non-GAAP earnings between 40 cents a share and 43 cents a share. Wall Street is expecting Q2 earnings of at least 42 cents a share.

Enterprise storage provider Pure Storage also reported earnings. The company reported a net loss of $62.4 million, or 30 cents per share. Non-GAAP losses were 14 cents a share on revenue of $182.6 million, up 31 percent year-over-year.

Wall Street was bracing for a loss of 22 cents a share on revenue of $177.53 million.

The all-flash-firm offered strong revenue guidance for the current quarter. Pure Storage expects second-quarter revenue in the range of $214 million to $222 million, slightly above Wall Street's estimate of $215 million.

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