Daily Management Review

HP reports growing profit in Q1


U.S. computer and copier maker HP Inc's net income for the first quarter of fiscal year 2021-2022, which ended Jan. 31, rose 2% year on year to $1.086 billion, the firm said, citing the negative impact of sanctions against Russia on earnings.

Diluted net income per share for the reporting period was $0.99 versus $0.83 for the same period last year. Adjusted earnings per share were $1.1 compared to a forecast of $1.02. The company's quarterly revenue rose 9% to $17.028 billion against a forecast of $16.5 billion.

Meanwhile, revenue at the Personal Systems business, which accounts for more than 70% of revenue, rose 15% year-over-year to $12.196 billion in the first quarter. The Printing (printing supplies) business was down 4% to $4.831 billion.

The company expects diluted earnings per share of $0.95 to $1.01 for the current quarter and $3.87 to $4.07 for the full fiscal year.

source: wsj.com