HP reports record Q2 sales, claims the #1 spot in the PC market from Lenovo

Q2 2017 has been particularly auspicious for both HP's PC lineup and its printers, marking the first time in seven years that both segments of its offerings saw growth in the same quarter,allowing the company to exceed revenue expectations.

A large part of the company's stronger-than-expected performance no doubt came from the massive 10% increase in PC sales, which IDC recently confirmed allowed it to retake the #1 spot in the PC market from Lenovo. The company is still being conservative with future quarters, however, as the PC market is still relatively stagnant and increasing component costs are hitting its profit margins.

Overall, though, HP beat Wall Street's expectations of $11.88 billion in revenue with a reported $12.4 billion, an increase of 7% compared to the same period last year. It also showed impressive non-GAAP earnings of 40 cents per share, up from an expected 39 cents per share. The company expects these to rise to between 40 to 43 cents in the upcoming quarter.

CEO Dion Weisler marked the company's strong performance as further proof that the company's decisions to split into separate consumer and enterprise arms is 'paying off' and is a precursor to 'some of the best innovation in HP's history.'

Source: HP via ZDNet

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