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HP Soars on Beating Sales Estimates, Robust Outlook -Breaking

by Mike Robinson

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© Reuters.

By Dhirendra Tripathi

Investing.com – HP stock (NYSE:) rose 7.2% in premarket trading Wednesday after the company followed up its strong fourth-quarter results with a robust outlook for the year.

The pandemic-driven lows of most business sectors were overcome by growing demand and shifts to better-value products. However, Microsoft was able increase its market share in Windows sequentially. Microsoft (NASDAQ: ) launched its latest OS Windows 11 during this quarter.

The 25% increase in net revenue from commercial PCs was more than offset by the 3% decline in PC revenues and only 1% growth in printing system sales. The company’s fourth-quarter net income grew by more than 9 percent to $16.7 billion. Adjusted EPS of 94 cents was ahead of the company’s own forecast as well as analysts’.

CNBC’s CEO Enrique Lores stated that the company focuses more on business clients in quarter because of supply shortages.

In the three months ending on October 31, 2010, there were 12% less notebooks sold and 2% more desktops. After more than a decade of records-setting sales of PCs, laptops and printers for the work-from-home boom, this is a small cooling.

The company anticipates that its adjusted earnings per share (EPS) will reach $1.02 in the current quarter. This is the first quarter of the new fiscal year. For the full-year, HP expects to generate free cash flow of at least $4.5 billion, higher than 2021’s $4.2 billion.

 

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