HP Inc. (HPQ) announced its earnings and revenue for the second quarter that beat analysts’ expectations. The results were mainly driven by strong growth in its personal systems segment.
The Palo Alto, California-based company said that revenue at its personal systems unit, which includes notebooks and desktops, rose 14.5 percent to $8.76 billion in the latest quarter. Analysts surveyed by Thomson Reuters were looking for revenue of $8.28 billion. The segment represents more than 60 percent of the total sales.
HP was the leading player in the global PC shipments in the first quarter of 2018 with a market share of 22.6 percent, estimated by research firm International Data Corp.
Overall, the company reported net income of $1.06 billion, or 64 cents a share for the three-month period ended April 30, well above to $559 million, or 33 cents a share in the same period, one year ago. The growth was mainly driven by a $975 million one-time tax benefit.
On an adjusted basis, HP earned 48 cents a share, surpassing 45 cents a share estimated by analysts.
Revenue for the quarter came in at $14 billion, up 13.1 percent from the comparable quarter last year. Analysts on average had forecasted revenue of $13.57 billion.
The company also disclosed the name of its new Chief Financial Officer alongside its quarterly results. It said that Steve Fieler will be the new CFO of the company, effective July 1. Fieler currently heads HP’s treasury and corporate finance unit. He will replace Cathie Lesjak, who is another veteran executive at the company. Lesjak will start serving as the company’s Chief Operating Officer on temporary basis till her planned retirement early next year.
HP shares slightly rose the after-hours trading following better-than-expected Q2 results.
