HP Inc. posts better than expected financial results for its fiscal Q3
On Wednesday, personal computer and printer manufacturer HP Inc. reported the earnings for its fiscal third-quarter, posting higher-than-estimated quarterly revenue and profit figures, thanks to the fact that demand for the HP notebooks has recovered.
In reporting its fiscal third quarter earnings, HP Inc. - the hardware business of the former Hewlett-Packard Co - said that its financial results for the quarter, which ended on July 31, surpassed expectations.
According to the figures released by HP Inc., the company's profit in its fiscal third quarter was $783 million, or 45 cents a share. Its earnings, adjusted for one-time gains and costs, were 48 cents a share.
The revenue generated by HP Inc. from its computer business in the third quarter recorded an increase of 7.5 percent over the revenue figures for the second quarter, largely due to improved sales of the company's notebooks. Though the company reported a 12 percent increase in notebook volumes, the advantage was counterbalanced by weak sales of desktop as well as low demand from commercial clients.
Meanwhile, so far as HP Inc.'s printer business is concerned, the revenue generated by the company from the business in its fiscal third quarter recorded a 14.3 percent plunge as compared to the same quarter last year, and a 4.6 percent drop quarter-over-quarter.