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HP (HPQ) +10.10%, Dell (DELL) +4.81% as office return drives Q3 beats
HP (HPQ) and Dell (DELL) said that robust demand for office products driven by a return to work-based premises laid the groundwork for Q3 earnings beats.
HP (HPQ) and Dell (DELL) both made gains in Wednesday’s trading after rising demand from companies for office-based products paved the way for impressive Q3 earnings and revenue beats.
Hewlett-Packard improved on its returns from a year ago with $0.94 earnings per share and $16.7bn revenue during the latest quarter, which breezed past the $0.84 and $15.4bn Wall Street consensus.
A 9.3% rise in revenue was accompanied by growing margins, with the latter ticking 1.2 points higher to 8.1% as its key segments, including ‘personal systems’, performed admirably.
Near-term prospects bode well after CEO Enrique Lores told CNBC that there is likely to be strong demand for its PCs in Q4 and beyond.
Lores noted: “As offices are reopening, companies are investing to improve the experience of their employees, and this continues to drive very strong PC demand.”
HP admitted that it remains a “supply-constrained environment”, but this will not be a surprise considering the issues that other major corporations have faced in recent months.
Dell also had no problem in topping forecasts in midweek, as adjusted earnings climbed 17% year-over-year to $2.37 and net revenue soared 21% to $28.39bn.
Like HP, Dell’s business units are thriving across a variety of customer segments and geographies, and it sees revenue growing by up to 16% to $28bn and earnings topping out at $2.05 per share in the final quarter.
Dell shares rose early in New York on Wednesday, and its 4.81% advance by late morning meant that shares were being bought and sold for $57.30.
HP went even higher as it added to its 31% gains for the year-to-date by jumping a further 10.10% to $35.44.
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