HP (HPQ 19.46, +0.45) has climbed 2.4% after beating second quarter expectations. Today's advance has lifted the stock near its best level since February 2011, extending its 2017 gain to 31.1%.
The technology company delivered above-consensus second quarter earnings of $0.40 per share on revenue of $12.40 billion, which increased 7.0% year-over-year, exceeding expectations.
HP's upbeat quarter was driven by growth in Personal Systems and Print, which marked the first time since 2010 that both segments grew during the same quarter.
Personal Systems revenue increased 9.6% year-over-year to $7.66 billion. Workstations revenue grew 7.0% to $495 million while Notebooks revenue jumped 17.0% to $4.49 billion. Other revenue also increased, growing 3.0% to $297 million while Desktops revenue fell 1.0% to $2.38 billion.
Printing revenue increased 2.3% to $4.74 billion. Growth was reported across the segment with Supplies revenue increasing 2.0% to $3.16 billion, Commercial Hardware revenue growing 3.0% to $982 million, and Consumer Hardware revenue increasing 4.0% to $604 million.
HP guided for in-line third quarter earnings between $0.40 per share and $0.43 per share, but raised its full year outlook, priming the market for earnings between $1.59 per share and $1.66 per share, up from $1.55 per share to $1.65 per share.