Credit Suisse chief executive of American stock strategist Jonathan Golub on how tech stocks are doing in the wake of the coronavirus outbreak and whether you should invest in big tech now.
Hewlett Packard CEO Enrique Lores told investors the trend of working from home and homeschooling due to the coronavirus pandemic helped drive quarterly results that were “above our expectations” when he spoke to investors about the company’s profit margin.
| Ticker | Security | Last | Change | Change% |
|---|---|---|---|---|
| HPQ | HP INC. | 19.62 | +0.93 | + 4.95% |
“The PC is more essential for daily life than ever and PC usage has increased more than 20% since COVID.”
AMAZON PROTESTERS Outside JEFF BEZOS ‘HOUSE CONSTRUCT GUILLOTINE: REPORT
Revenue was $ 14.29 billion, well ahead of the $ 13.3 billion expected by Wall Street, up 2.1% from a year earlier. Profit also exceeded estimates that came in at $ 0.52 cents per share as $ 734 million. On a adjusted basis, earnings were 0.49 cents a share, compared to 0.58 a share a year ago.
Demand for notebooks helped get results with units up 32% and consumer net sales up 42%. The move to WFH from the office dipped desktop sales slipping 30%.
GET FOX BUSINESS ON THE GO by clicking HERE
HP sees more of the same in the coming months.
WHITE HOUSE ANNOUNCES $ 750M DEAL FOR ABBOTT LABS ‘COVID-19 RAPID TEST
“In the home and consumer segment, we expect continued strength through at least the end of the year. Even if countries reopen, people will continue to spend more time at home, ”Lores added.
As a result, the company’s fourth-quarter forecast of $ 0.50 to $ 0.54 is slightly above estimates.
| Ticker | Security | Last | Change | Change% |
|---|---|---|---|---|
| DELL | DELL TECHNOLOGY | 67.22 | +4.79 | + 7.67% |
Rival Dell also posted a solid quarterly reporting income, excluding some items, of $ 1.92 per share, beating Wall Street estimates of $ 1.38 per share. Quarterly revenue from Dell’s consumer devices jumped 18% to $ 3.2 billion with the Texas-based company seeing double-digit growth in notebooks, commercial notebooks and in premium consumer PCs.
Shares of HP have lost 9% this year compared to the 8% rise of the S&P 500.
Dell shares have both surpassed by 21%.
CLICK HERE TO READ MORE ABOUT FOX BUSINESS
