Net revenue gains in both PC sales and printing segments brought HP Inc. strong third quarter financial results way above market expectations. These results are the second consecutive quarter where HP has seen revenue growth in both printing and PC sales, with this quarter coming in at a non-GAAP diluted net earnings per share of 43 cents on net revenue of $13.1 billion.
By just how much did HP beat market expectations? Wall Street was expecting the company to report earnings of 42 cents per share on revenue of $12.3 billion.
This growth is, of course, fantastic news for both HP Inc. and its shareholders.
“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.”
Despite a worldwide slowdown in PC, HP has managed to not only continue to grow in this area of its business but become the top PC vendor.
“The biggest surprise came from the PC group who racked up 12% YoY growth, their third quarter of doing that,” Patrick Moorhead, founder of Moor Insights & Strategy, 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.”