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PC sales push HP results beyond expectations

(Image credit: Image source: Ken Wolter / Shutterstock)

HP has released its financial results for the third quarter of 2017 with the revelation that the PC giant has beaten market expectations.

The company says it has achieved revenue gains in both its PC and printing divisions, reporting earnings of 43 cents per share for net revenue of $13.1 billion.

"Q3 was another outstanding quarter of successfully executing our reinvention strategy," CEO Dion Weisler said in a statement. "We stabilized supplies revenue a quarter earlier than expected, posted double-digit revenue growth, delivered non-GAAP earnings per share at the high end of our previously provided outlook range and generated approximately $1.7 billion in free cash flow."

For Personal Systems, net revenue this quarter came to $8.4bn, representing a 12 per cent increase year-on-year. Commercial net revenue jumped 11 per cent, while consumer net revenue was up 14 per cent. Total number of units sold is up seven per cent – notebooks 12 per cent.

HP desktops was the only area to report a decline in fortunes, with a three per cent fall.

Analyst Patrick Moorhead, founder of Moor Insights & Strategy, told ZDNet (opens in new tab) that HP had a "tremendous quarter" all around but particularly in the PC market.

"The biggest surprise came from the PC group who racked up 12 per cent YoY growth, their third quarter of doing that," he said in a statement. "I believe that HP is taking PC market share from some of the top four PC players, not just smaller players."

Image source: Ken Wolter / Shutterstock

Sead Fadilpašić is a freelance tech writer and journalist with more than 17 years experience writing technology-focussed news, blogs, whitepapers, reviews, and ebooks. And his work has featured in online media outlets from all over the world, including Al Jazeera Balkans (where he was a Multimedia Journalist), Crypto News, TechRadar Pro, and IT Pro Portal, where he has written news and features for over five years. Sead's experience also includes writing for inbound marketing, where he creates technology-based content for clients from London to Singapore. Sead is a HubSpot-certified content creator.