Recent office re-openings, and predictions of a very merry Christmas trading period have bolstered HP’s quarterly sales and delivered a rosy outlook on the next quarter.
HP generated quarterly sales of US$16.7 billion, up 9.3 per cent year-on-year, and US$3.1 billion in net income.
Both results topped Wall Street estimates, with a 25 per cent jump year-on-year in commercial PC revenue lifting the company’s fortunes.
“We are seeing strong demand coming from the commercial side, from the office side because offices are reopening and companies are invested in creating a better experience for their employees,” HP Chief Executive Enrique Lores told WSJ.
HP said it expects to generate per-share earnings of US$3.86 to US$4.06 for the full fiscal year ending Oct. 31, 2022, an outlook Lores said is based on “both sustained strong demand from the commercial side as we have seen this quarter but also by consumer demand being strong as we go through the holiday season.”
Following this news, HP shares jump 5 per cent in after-hours trading, to US$32.19.
