HP Inc revenue beats Street on notebook PC demand
The company also named Steve Fieler as its chief financial officer, effective July 1, succeeding Cathie Lesjak.
Fieler currently leads the company`s treasury and corporate finance functions.
Shares of HP Inc, formed out of the 2015 split of Hewlett-Packard Co, were marginally up in extended trading.
HP Inc`s personal systems business, which accounts for more than 60 percent of total revenue, rose 14.5 percent to $8.76 billion, beating the average analyst estimate of $8.28 billion, according to Thomson Reuters I/B/E/S.
The Palo Alto, California-based company had the top position in worldwide PC shipments in the first calendar quarter of 2018 with a 22.6 percent market share, according to research firm International Data Corp`s data.
Net earnings jumped to $1.06 billion, or 64 cents per share, in the second quarter ended April 30, from $559 million, or 33 cents per share, a year earlier, mostly helped by a one-time tax benefit of $975 million.
Excluding items, the company earned 48 cents per share, in line with Wall Street estimates.
Revenue rose 13.1 percent to $14 billion, above analysts` average estimate of $13.57 billion.
(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)
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