HP Inc reported its quarterly earnings, beating analyst estimates. Higher sales in personal computers and workstations countered the low sales of its printer business.
Revenue from HP s personal systems unit rose 3.6%, or $10.43 billion in the fourth quarter, beating analyst estimates of $10.29 billion.
HP is the second largest PC maker after Lenovo Group Ltd, with a share of 23.8% of the market.
The company s quarterly results come after it reiterates rejection of Xerox Corp s $33.5 billion takeover bid.
Xerox was already planning of making its bid hostile if HP fails to open its books for due diligence before a deadline.
However, sales from HP s printer division decreased 6%, or $4.98 billion.
HP s overall revenue rose to $15.41 billion, exceeding analyst expectations of $15.25 billion, according to Refinitiv s IBES data.
Net income dropped to $388 million, or 26 cents per share. On the same period a year ago, HP s net income was $1.45 billion, or 91 cents per share.
HP earned 60 cents per share, excluding items. It beat average analyst estimate of 58 cents.
Shares were up 2.2% at $20.50 in extended trading.
https://dowmarkets.com/en/news/hp-inc-reports-higher-pc-sales-beats-profit-estimates
