HP Inc.. CEO Enrique Lores told CNBCs that an unprecedented number of computers were moved as people adapted their lives to the distant culture accelerated by the coronavirus pandemic Jim Cramer Thursday.
“We have never shipped so many PCs and it was really driven by the demand for people to work from home and study from home,” he said in an article.Bad money“Interview after the company had strong results in the third quarter of its fiscal year 2020.
HP shares rose 2% in post-market trading after the computer hardware maker reported better-than-expected numbers, including a nearly $ 1 billion decline in sales.
The company posted earnings of 49 cents per share on sales of nearly $ 14.3 billion, beating Factset estimates of $ 13.3 billion. However, those numbers were down 15.5% and 2% over the same three-month period a year ago.
Revenue from personal systems increased 7% year-over-year for the quarter ended July 31 (9% in constant currency) and revenue from notebooks increased 32%, the company said in a press release. HP’s consumer sales offset the weakness on the commercial side.
“Pcs have become indispensable. In the past we talked about one pc per house. Now we see the need to have one pc per person,” Lores said. “This will drive demand [and] it will stay with us for a while. “
HP, which makes computer products such as laptops, printers, and other related technologies and services, performed similarly to computers in the printing segment. Consumer demand for printers increased as business orders fell as many offices were closed.
Net sales for printing were down 20% year over year, while sales of consumer hardware were up 3%, the press release said.
“Demand for consumer printers and supplies was even stronger than it was before Covid,” Lores said. “On the commercial side, we saw improvements over the quarter as the impact of the pandemic lessened in many countries.”
HP’s shares rose 2% on Thursday to trade at $ 18.70. Since the beginning of the year, the share has fallen by more than 7%.