Analyst Commentary

HP thrives on consolidation; the company enjoys a strong quarter in all its businesses

Despite its central position in two flat markets — personal computers and printing — HP Inc. (NYSY: HPQ) reported double-digit annual revenue growth in both, as well as double-digit operating profit growth in PCs. Growth in printing was, in part, inorganic, following the company’s acquisition of Samsung’s print business, named S-print. At the same time, the printing business operating profit growth was only 1.6% year-to-year and operating margin decreased 140 basis points to 16%, a consequence of the costs of incorporating S-print. HP also repo...

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