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HP Inc (NYSE: HPQ) shares jumped over 5% today in the pre-market to trade around $22.95. HP stock closed yesterday trading at $21.75 after adding 2.64% during the day. The spike is attributed to the better than expected fiscal Q4 earnings. During the past three months, as more people spent more time at their homes, the company’s notebook sale increased significantly.
Although HP stock has been on the winning side during the pandemic, most of the gains have been experienced in the past three months. According to the financial data provided by MarketWatch, HP shares are up 8.42% and 5.84% in the past one year and eleven months respectively. However, the growth in the past three months was approximately 17.95%, and are now up 20.97% in the past one month.
As investors expected the company to report its earnings in the past week, HP shares managed to jump 6.10% through Tuesday.
As competition heightens in the technology-based companies, HP is striving to remain on top of the game by providing competent services. With a market valuation of approximately $29.1 billion, the company is capable of delivering competitive products in the market despite the pandemic pressures.
In the past 52 weeks, HP shares have ranged between $12.54 and $23.93. Notably, the company has received an average of ‘Hold’ rating after being rated 17 times.
HP Fiscal Q4 Earnings that Pushed HPQ Stock Higher
During the past three months, HP reported a revenue of $15.3 billion versus the expected $14.7 billion. In accordance with the reported revenue in the fiscal fourth quarter, the company recorded an adjusted earnings per share of 62 cents versus the expected 52 cents. Notably, HP fiscal Q4 revenue declined for the fourth consecutive quarter on an annualized basis.
HP major business segments, the personal system unit that comprises the PC notebooks and desktops, recorded a revenue of $10.5 billion in the quarter that ended on October 31.
Apparently, within the personal system unit, the company reported sales of notebooks rose 18% to $7.41 billion. This was largely attributed to more people opting to stay indoors and either work or study remotely to avoid contracting coronavirus, thus purchasing personal computers to work with much ease.
In the quarter that ended on October 31, HP more than doubled the unit sales and revenue from Chromebook PCs running Google Chrome OS. Forward, HP anticipates a growth limit as it continues to deal with component shortages. However, the company noted that the demand for less expensive products will continue in the coming quarters as people stay at home until a viable coronavirus vaccine or drug is approved for mass use.
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