HP Inc matches market estimates for fiscal 2Q profits on the back of sales of its personal computers

The company also named Steve Fieler as its new chief financial officer
HP
The company saw its net revenue climb to US$14bn in the fiscal second quarter

HP Inc. (NYSE:HPQ), the US computer maker, matched market expectations for its fiscal second-quarter revenue and profit on the back of sales of its personal computers.

On a non-GAAP basis, the company’s diluted net earnings per share came to US$0.48 on net revenue of US$14bn. These figures were in line with Wall Street’s estimate of US$0.48 on revenue of US$13.6bn.

Net revenue from HP’s personal systems climbed 14% in the quarter from the year-ago period while revenue from commercial systems jumped 16% over the same period.

Separately, the company also named Steve Fieler as its new chief financial officer. He replaces Cathie Lesjak who will take on the role of interim chief operating officer.

“We delivered another quarter of double-digit year over year revenue and profit growth, strong earnings per share and impressive free cash flow and performed well across segments and regions,” said Dion Weisler, HP’s president and chief executive.

For this fiscal year, HP expects its estimates for non-GAAP diluted net earnings per share to fall in the range of US$1.97 to US$2.02 per share. It also is projecting free cash flow of at least US$3.7bn for the year.

HP shares were flat in the late trading session at US$21.35.

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