HP reports surprise growth as PC sales climb
Hewlett-Packard reported a slight uptick in revenue for the second calendar quarter as its PC sales increased again.
HP’s revenue climbed 1 percent to $27.6 billion for the quarter ended July 31, the company announced Wednesday. It was the first year-on-year revenue growth HP has reported in three years.
The modest rise came almost entirely from PCs, however, and it’s unclear how long that business will keep recovering. Companies are still refreshing PCs after Microsoft ended its support for Windows XP, but those gains won’t go on forever.
Still, HP is benefitting for now. Sales in its Personal Systems Group were up 12 percent last quarter to $8.7 billion, HP said. Most of that increase was from sales to businesses.
Its Enterprise group also reported growth, with sales up 2 percent to $6.9 billion. Revenue from HP’s print division was down 4 percent, however, and revenue also declined from enterprise services and software.
Overall, HP’s revenue beat the expectation of financial analysts, who had expected revenue to decline by 1 percent from last year, according to Thomson Reuters.
HP’s profit for the quarter was $985 million, down 29 percent from a year earlier, due partly to restructuring costs related to layoffs.