While the personal computer market has been stagnating for years now, biggest PC maker HP Inc. once again reached another strong quarter, getting past analysts’ expectations in the second quarter of the 2018 revenue report.
According to Techspot.com, HP Inc’s revenue increased up to 13 percent year over year to $14 billion for the past three moths to April 30, its seventh quarter in a row for a growing sales.
HP Inc.’s personal systems business including notebooks and desktops rose to 14.5 percent to $8.76 billion in the second quarter beating predictions of $8.28 billion.
The company’s net income had a major increase of 89 percent from $600 million to $1.1 billion in just a year, while the revenue from the firm’s printing business climbed to 11 percent with $5.24 billion compared to last year’s $4.73 billion.
Its full-year adjusted profit estimates have also increased from $1.90 to $2.00 to $1.97 to $2.02 per share, once again beating analysts’ prediction of $1.97. Its projected cash flow also rose from $3 billion to $3.7 billion for 2018.
CEO Dion Weisler said: “We delivered another quarter of double digit year over year revenue and profit growth, strong EPS and impressive free cash flow and performed well across segments and regions.”
Despite HP Inc.’s good quarter, the company is cutting workforce to 1 to 2 percent and is expecting restructuring costs to increase by $150 million to $200 million.
HP Inc. reportedly shipped 13.7 million computers in the first quarter, gaining 23 percent market share and yearly growth of 4.3 percent.
(Photo source: investopedia.com/ techspot.com)