HP Inc’s Weisler Responds to Solid Q2 Growth

 Originally written and published at opi.net
Weisler: no mega acquisitions for HP Inc

HP Inc CEO Dion Weisler (pictured) expects to see continued consolidation in the print space. Speaking in New York, he added HP wouldn’t “surprise the market” by jumping in and making an acquisition in excess of US$10 billion.

According to opi.net, this would appear to rule out HP’s move for Xerox following its failed merger attempt with Fuji. Xerox has been valued to be worth about US$15 billion.

Weisler responded to acquisition questions on the back of another quarter of double-digit growth for HP Inc. The tech giant’s Q2 results for the three months ended 30 April 2018, revealed sales growth of 13% at US$14 billion, while net profit was up 89% to US$1.1 billion compared to the same period last year. Pre-tax profit rose 8% to US$949 million. In the Printing segment, sales were up 11% year on year to US$5.24 billion with Commercial hardware up 88% and Consumer hardware up 4%. Supplies sales rose 8%.

The Q2 success is being attributed to Weisler’s turnaround strategy aimed at reversing ongoing computer market declines. “It’s yet another quarter of strength, growth and consistent execution of our reinvention,” Weisler said. “The market remains dynamic and competitive, but I am confident in our strategy and ability to continue to grow faster than the market and out-execute the competition. We are playing our own game pursuing the heat in the market and our strategy is paying off.”

In further comments about HP’s acquisition activity Weisler said it remains a key component of HP’s growth strategy, however, it wouldn’t be a question of buying market share just for the sake of it. He pointed out last year’s acquisition of the Samsung print business was a technology and strategic move into the $55 billion A3 category.

Read more about HP’s quarterly report.