HP reported strong earnings and gave an upbeat outlook, aided by office reopenings and an expectation for healthy consumer demand through the holiday shopping season despite supply shortages.
The company on Tuesday said it generated quarterly sales of $16.7 billion, up 9.3% from the year-ago period, and $3.1 billion in net income, including a one-time $1.78 billion legal settlement. The results beat Wall Street expectations for both sales and earnings.
“We are seeing strong demand coming from the commercial side, from the office side because offices are reopening and companies are invested in creating a better experience for their employees,” HP Chief Executive Enrique Lores told The Wall Street Journal.
Commercial PC revenue grew 25%, the company said, while consumer PC sales retreated 3%, from their lofty levels a year ago.
HP said it expects to generate per-share earnings of $0.92 to $0.98 in the current quarter and $3.86 to $4.06 for the full fiscal year ending Oct. 31, 2022, both ahead of Wall Street expectations.
The outlook, Mr. Lores said, is driven by “both sustained strong demand from the commercial side as we have seen this quarter but also by consumer demand being strong as we go through the holiday season.”
Its stocks rose over 8% in extended trading.
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