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HP Lifts Earnings Outlook, Bucking Supply Chain Issues

HP Lifts Earnings Outlook, Bucking Supply Chain Issues

HP has posted a positive earnings forecast, driven by demand for PCs as workers return to the office and adapt to hybrid working conditions.

HP CEO Enrique Lores says that, despite continued chip shortages, supply chain chaos and sanctions against Russia, the situation is far better than it was a year ago.

HP have redesigned some of its computers to avoid reliance on certain parts, although the impact on its computer and print business will continue “at least through the end of this year.”

The company has nevertheless raised its non-adjusted annual earnings forecast to a range of US$3.79 to US$3.93 a share, from a previous forecast of US$3.87 to US$4.07.

HP posted profit of US$1 billion (94 cents a share) for the quarter ending April 30, a drop from US$1.2 billion year-on-year. Revenue rose by 3.9 per cent to US$16.5 billion, beating Wall Street estimates.

HP shares rose slightly in after-hours trading.


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