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 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."
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