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HP beats revenue estimates as PC demand finally rebounds
The Straits Times
|May 31, 2024
Firm saw increase in personal computer sales for the first time in two years
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HP reported quarterly revenue that topped analysts' estimates, including the first increase in personal computer sales in two years, an optimistic signal for a long-awaited rebound in the market.
Revenue from HP's computer unit increased 3 per cent to US$8.4 billion (S$11.4 billion) in the fiscal second quarter, compared with the US$8.3 billion expected by analysts. The business had been declining since May 2022 on a year-onyear basis.
The jump was due to commercial sales, which rose 6 per cent to US$6.2 billion. Consumer sales continued to decline, slipping 3 per cent to US$2.2 billion, the company said on May 29.
The PC market had seen a historic decline over the last two years after many consumers, businesses and schools purchased laptops in the early months of the Covid-19 pandemic.
This story is from the May 31, 2024 edition of The Straits Times.
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