HP (HPQ 19.17, +0.31) is higher by 1.7% after beating quarterly expectations.
The technology heavyweight reported above-consensus earnings of $0.43 per share on a 9.8% year-over-year increase in revenue to $13.06 billion, which also exceeded expectations.
Personal Systems revenue grew 12.0% year-over-year to $8.40 billion with Notebooks revenue climbing 16.0% to $5.01 billion. Workstations revenue increased 11.0% to $530 million while Desktops revenue climbed 5.0% to $2.57 billion. Other revenue increased 8.0% to $300 million. Personal Systems operating margin declined to 3.7% from 4.4% one year ago.
Printing revenue grew 6.0% with a 10.0% increase in Supplies revenue (to $3.12 billion) and a 3.0% increase in Consumer Hardware revenue (to $592 million) offsetting a 2.0% decline in Commercial Hardware revenue (to $986 million). Printing operating margin declined to 17.3% from 20.4%.
Corporate investments grew 10.0% year-over-year to $13.10 billion.
Looking ahead, HP expects that fourth quarter earnings will be between $0.42 and $0.45 per share, which is in-line with market expectations.
Shares of HP have been on a comeback trail ever since hitting a two-year low near $9.00 in early 2016. The stock has gained 30.0% so far in 2017, climbing to levels not seen since early 2011.