HP beats Q1 earnings expectations as revenue climbs
HP Inc. published its first quarter financial results on Thursday, beating market estimates. The company posted another quarter of solid growth across PC sales and its printing business.
HP reported non-GAAP diluted net earnings per share of 48 cents on net revenue of $14.5 billion.
Wall Street was looking for earnings of 42 cents per share on revenue of $13.49 billion.
A year prior, the company reported earnings of 38 cents per share on $12.7 billion in revenue.
"We're coming out of the gate strong in Q1, with double digit revenue and EPS growth year over year," Dion Weisler, president and CEO at HP Inc, said in a statement. "Our impressive results spanned all segments and all regions, reflecting our innovative product portfolio and global execution."
Personal Systems net revenue in Q1 was up 13 percent year-over-year. Commercial net revenue increased 16 percent while Consumer net revenue increased 13 percent. Total units were up 7 percent, with Notebooks units up 8 percent and Desktops units up 6 percent.
HP held its spot as the top PC manufacturer worldwide during the holiday quarter with a 23.5 percent worldwide marketshare, according to recent data from IDC.
HP said Printing net revenue was up 14 percent year-over-year. Further, total hardware units were up 14 percent with Commercial hardware units up 73 percent and Consumer hardware units up 7 percent.
For the second quarter, HP expects non-GAAP diluted net EPS to be in the range of 45 cents per share to 49 cents per share. For fiscal 2018, HP expects non-GAAP diluted net EPS to be in the range of $1.90 to $2.00.
Shares jumped more than 13 percent in after hours trading.