HP sees solid Q3 results thanks to strong PC sales

HP posted solid third quarter results built on the back of strong PC sales.

HP has posted its earnings results (via ZDNet) for the its third fiscal quarter of 2017, and it's seeing solid performance thanks to strong PC sales. That's in contrast to the overall PC market, which has been on a gradual decline for some time.

HP's "Personal Systems" segment was up by 12 percent over the same period last year, coming in at $8.4 billion in net revenue on the quarter. Commercial net revenue saw an increase of 11 percent, while consumer net revenue was up by 14 percent. Total unit sales were up by 7 percent, with notebooks going up 12 percent and desktop units decreasing by 3 percent.

The gains come as HP has managed to secure the top spot among PC manufacturers in terms of worldwide shipments. That's likely built, at least partially, on the success of more premium notebook models from HP's Spectre and Envy lines.

Combined with HP's other segments, the company was up by 10 percent over the same period in 2016 with net revenue of $13 billion.

"Q3 was another outstanding quarter of successfully executing our reinvention strategy," said Dion Weisler, President and CEO, HP Inc. "We stabilized supplies revenue a quarter earlier than expected, posted double-digit revenue growth, delivered non-GAAP earnings per share at the high end of our previously provided outlook range and generated approximately $1.7 billion in free cash flow."