HP Inc. CEO Dion Weisler says the company "is strong and getting stronger" in tandem with its channel partners, as HP reported its third consecutive quarter of revenue growth in both its personal systems and printing businesses.
"We've never been more competitive, more fixated on the customer, more innovative, and more focused on operational excellence than we are today," Weisler said during the company's quarterly conference call Tuesday, later noting that partners are "doing an incredible job of delivering growth."
For HP's fiscal 2017 fourth quarter, ended Oct. 31, the company reported that revenue grew 6.6 percent to $13.93 billion, due to the upward trajectory in both of its core businesses. HP's quarterly earnings came out just as Meg Whitman, who had overseen the 2015 split of Hewlett-Packard into Hewlett Packard Enterprise and HP Inc., revealed plans to step down as CEO of HPE as of Feb. 1, 2018. Whitman will be succeeded as CEO by HPE President Antonio Neri.
HP's results, which represented an increase from $12.51 billion in sales during the same period a year earlier, beat a consensus estimate from Wall Street analysts of $13.35 billion in revenue for the quarter.
HP met analyst expectations on profits with non-GAAP diluted net earnings of 44 cents per share. Non-GAAP net earnings totaled $749 million, up from $614 million the year before.
In the personal systems business, HP achieved double-digit sales growth for the fourth consecutive quarter.
"Personal systems had another stellar quarter—driving growth, gaining profitable share, and delivering impressive innovations," Weisler said. "This team is hitting their stride with truly outstanding performance."
The personal systems business--which includes PC products such as notebooks, desktops, and workstations—in fact picked up the pace during the recent quarter, with growth of 13.2 percent year-over-year.
That marked the biggest quarter of growth for personal systems during all of HP's fiscal 2017, at a time when the PC market overall remained sluggish and costs increased significantly for memory components.