Investing.com - HP Inc (NYSE:HPQ) rallied to close more than 8% higher at $17.60 on Thursday, as investors poured into the PC and printer maker’s shares, following the release of better than expected first-quarter fiscal earnings results after the U.S. close on Wednesday.
The company reported earnings per share (EPS) of 38 cents, compared to Wall Street EPS estimate of 39 cents while total revenue increased 3.6% year-over-year to $12.684 billion, surpassing expectations of a $11.774 billion increase in revenue.
HP’s personal systems segment revenue rose 10% from a year ago, as sales from notebooks surged as much as 12%, contributing to the company’s better-than-expected top-line performance.
Poor top-line growth from printers amid a slump in supplies revenues, continued to weigh on overall performance, as revenue slumped 3% year-over-year to $4.48 billion.
Despite somewhat softer fiscal 2017 earnings guidance with an EPS forecast between $1.55-$1.65, HP shares rallied to set a 52-week high of $17.80 intra-day before ultimately closing at $17.60, up more than 8%.
HP shares have soared more than 60% over the past year.