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‘PCs have become important,’ HP CEO says after posting record sales


HP Inc. moved an unprecedented quantity of computer systems as individuals adjusted their lives to the distant tradition that was accelerated by the coronavirus pandemic, CEO Enrique Lores instructed CNBC’s Jim Cramer Thursday.

“We have never shipped so many PCs and it was really driven by the demand we see for people working from home and learning from home,” he mentioned in a “Mad Money” interview after the corporate posted robust leads to the third quarter of its 2020 fiscal 12 months.

HP shares had been up 2% in post-market buying and selling after the pc {hardware} producer reported better-than-expected numbers, together with a virtually $1 billion beat on the income line.

The firm printed 49 cents of earnings per share on nearly $14.Three billion in income, topping Factset estimates of $13.Three billion. Those numbers, nevertheless, had been down 15.5% and a pair of% from the identical three-month interval a 12 months in the past.

Personal methods sales had been up 7% 12 months over 12 months (9% on a relentless forex foundation) within the quarter ended July 31 and pocket book sales had been up 32%, the corporate mentioned in a press launch. HP’s client sales offset weak spot on the business facet.

“PCs have become essential. In the past, we were talking about one PC per home. Now we see the need to have one PC per person,” Lores mentioned. “This is going to be driving demand [and] it’s going to be staying with us for a while.”

HP, which makes computing merchandise together with laptops, printers and different associated applied sciences and companies, noticed related output within the printing section because it did in computer systems. Consumer demand elevated for printers as enterprise orders declined as many workplaces remained closed.

Net income for printing fell 20% from a 12 months in the past, whereas client {hardware} sales rose 3%, the press launch mentioned.

“The demand for consumer printers and consumer supplies has been even stronger than what it was before Covid,” Lores mentioned. “On the commercial side, we have seen improvements throughout the quarter as the impact of the pandemic in many countries got smaller.”

Shares of HP rose 2% throughout Thursday’s session, closing at $18.70. Year up to now, the inventory is down greater than 7%.



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