HP’s share price rose due to improved performance, and the CEO said that he would return to the office to drive demand for personal computers

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HP shares rose more than 8% in after-hours trading on Tuesday after the computer hardware manufacturer reported better-than-expected quarterly results and strong guidance for the quarter.

Here is how it compares with Refinitiv’s consensus expectations for the quarter ending October 31:

  • income: US$0.94, after adjustment, it is expected to be US$0.88
  • income: 16.68 billion US dollars, compared to 15.4 billion US dollars expected

HP Chief Executive Enrique Lores (Enrique Lores) said on CNBC’s “Crazy Money” program on Tuesday that HP expects strong demand for its personal computers in its various market segments in the “foreseeable future” . However, Lores said that HP’s commercial customers are currently being prioritized, and the company faces supply constraints.

HP’s personal system net income was US$11.8 billion, a year-on-year increase of 13%. This market segment has a clear focus on enterprises. Its consumer PC business revenue fell by 3% year-on-year, but its commercial PC business revenue increased by 25%. However, total sales of personal computers fell by 9%.

The company’s printing business revenue was US$4.9 billion, a year-on-year increase of 1%. Commercial printing revenue increased by 19% year-on-year, while consumer printing revenue fell by 6%.

“As the office reopens, the company is investing to improve the employee experience, which will continue to drive very strong demand for personal computers,” Lores told CNBC’s Jim Kramer.

“We are still operating in a supply-constrained environment, and we have always prioritized commercial sales because the company has higher profit margins.”

Based on Tuesday’s closing price of $32.19, HP’s stock price has risen nearly 31% so far in 2021.

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