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HP beats profit forecasts due to higher PC sales

By Yana Berman

The upbeat results come as PC maker repeatedly rejects takeover offers from XP

PC maker has posted quarterly earnings that beat experts’ estimates.

According to the report provided by HP, its revenue from the laptops sector rose 3.6 per cent to $10.43bn (£8.1bn, €9.5bn) in the fourth quarter. The number is slightly higher than analysts had predicted ($10.3bn).

Overall revenue was also higher than expected – $15.41bn against $15.25bn.

Although sales from the company's printer division fell 6 per cent to $4.98bn and net income declined to $388m, or 26 cents per share. During the same period last year, for comparison, it was $1.45 billion, or 91 cents per share.

HP shares closed at $20.15 on Tuesday, November 26, prior to the announcement.

HP, the second-biggest PC maker after Chinese Lenovo Group, now has a 23.8 per cent share of the market. The company has received most attention as its main rival Xerox offered to buy HP for $33.5bn, or $22 per share.

However, HP’s board unanimously rejected Xerox’s takeover bid. Xerox, in its turn, threatened to buy the shares directly from the shareholders. The deadline for a "friendly" discussion ended on November 25.

Billionaire investor Carl Icahn, who stood behind the takeover offer, owns a 10.6 per cent stake in Xerox and 4.24 per cent stake in California-based HP.

FURTHER READING: Xerox threatens HP with hostile buyout after rejection

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