Hewlett-Packard raises quarterly outlook
As it gains on Dell, the PC and printer giant says it plans to post about $1 billion more in revenue than it previously forecast.
The world's biggest maker of PCs and printers now expects to post revenue of $25.5 billion to $25.55 billion in the second quarter, which is about $1 billion more than it previously forecast and well ahead of revenue in the period a year ago.
At the same time, HP raised its forecast for earnings per share, which will also be helped by a share buyback that reduced the amount of outstanding stock.
The company forecast earnings of 64 cents to 65 cents per share--up from its previous forecast of 57 cents to 58 cents a share.
The increased outlook comes as HP takes market share from longtime rival Dell, which has stumbled in recent quarters and where founder Michael Dell took over as CEO again, replacing Kevin Rollins. HP's PC business includes desktop PCs, workstations and notebook computers.
Shares of the company climbed more than 2 percent to $44.75 before the bell Tuesday.
For the third quarter, HP forecast revenue of about $23.7 billion to $23.9 billion.
The company said it moved to publicly update its guidance after it inadvertently disclosed some financial information through an internal e-mail sent Monday evening to a single outside party.