HP shares were up more than 8% in extended trading Tuesday after the computer hardware maker reported better-than-expected quarterly results and strong guidance for the current quarter.
HP personal systems net revenue came in at $11.8 billion, up 13% year-over-year. The focus on enterprise was clear in this segment, where it showed a 3% year-over-year revenue decline in its consumer PC business but a 25% revenue pop in its commercial PC business revenue. Total PC unit sales were down 9%, however.
We are still operating in a supply-constrained environment, and we have been prioritizing commercial sales because margin is better for the company. HP expects to see robust demand for its personal computers for the foreseeable future across its segments, CEO Enrique Lores said Tuesday. However, Lores said HP commercial clients are currently taking precedent while the company faces supply constraints