HP Inc's quarterly profit beats on higher PC sales

HP Inc , which houses the hardware business of former Hewlett-Packard Co, reported a slightly higher-than-expected quarterly profit as it sold more personal computers.

Revenue from HP`s personal systems unit, which sells notebooks, desktops and workstations, rose 12 percent to $8.40 billion in the third quarter ended July 31. Notebook sales increased 16.4 percent, offsetting a dip in desktop sales.

The Palo Alto, California-based company forecast full-year earnings per share of $1.63-$1.66 compared with analysts` estimate of $1.64, according to Thomson Reuters I/B/E/S.

The company, which bought Samsung Electronics Co`s printer business in September, said on Wednesday revenue from its printer and copier business rose 6.2 percent to $4.70 billion in the reported quarter.

However, net earnings from continuing operations fell to $696 million, or 41 cents per share, from $843 million, or 49 cents per share.

Total revenue rose 10 percent to $13.1 billion, beating analysts` average estimate of $12.31 billion.

Excluding items, the company earned 43 cents per share. Analysts on average expected earnings of 42 cents.

Shares of HP, which have gained 27 percent since the start of the year, were down marginally in after-hours trading on Wednesday.

(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)