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HP Lifts Guidance as Q3 Results Beat on Work From Home Boost ; Hikes Dividend

Stock MarketsNov 24, 2020 04:28PM ET
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© Reuters.

By Yasin Ebrahim

Investing.com - HP on Tuesday lifted its guidance after reporting better second-quarter results as the pandemic-fueled work from home trend boosted demand for laptops.

HP (NYSE:HPQ) shares rose 4% in after-hours trade following the report.

The company said it expected non-GAAP diluted net EPS of 64 cents to 70 cents, well above consensus of  57 cents. 

Personal systems revenue was flat year over year and printing revenue was down 3% year over year.

Total units were up 7%, with notebooks units up 25% and desktops units down 31%.

“We had record unit shipments in the quarter, reflecting the important role HP technology is playing in the lives of our customers.," the company said.

Total hardware units were up 14%, with consumer hardware units up 18% and commercial hardware units down 10%.

HP also hiked its quarterly cash dividend by 10%, to $0.1938 per share.

HP Lifts Guidance as Q3 Results Beat on Work From Home Boost ; Hikes Dividend
 

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