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August 25, 2016

Sales decline hits HP Inc revenue in Q3

News: Net earnings for the third fiscal quarter fell 8% to $783m.

By CBR Staff Writer

HP Inc continues to struggle with weak demand for PCs and printers, with the company’s latest quarterly revenue dropping 4% year over year to $11.9bn.

Net earnings for the third fiscal quarter fell 8% to $783m, compared to $854m for the same period last year.

Net revenue from its printing division, which generates most of the company's profits, was down 14% year-over-year to $4.42bn. Profit from supplies dropped by 18% to $2.84bn from $3.45bn.

Net revenue from personal systems was flat year-over-year, while commercial net revenue fell 3%. Consumer net profit increased 8%. 

Total unit sales increased 4%, with notebooks up 12% and desktop systems down 6%.

Total hardware unit sales declined 10% with commercial hardware units down 2% and consumer hardware units down 14%.

HP president and CEO Dion Weisler said: "In Q3, we delivered on our financial commitments and continued to make solid progress in executing against our core, growth and future strategic framework. 

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"Although the markets remain challenged, we have the innovation and executional rigor needed to continue to take profitable share and invest in the right opportunities to drive long-term success for the company." 

As for the outlook, HP once again revised its EPS estimation for the fiscal year. Last quarter, the company projected non-GAAP earnings range of $1.59 to $1.65 per share. 

The company now expects a range of $1.59 to $1.62 a share. For the fiscal 2016 fourth quarter, HP predicts net income per share of 34 cents to 37 cents.

HP is the second-largest PC manufacturer behind Lenovo.

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