February 22, 2018 / 9:20 PM / 3 months ago

HP Inc reports three-fold jump in profit due to tax gain

Feb 22 - HP Inc reported a more than three-fold rise in first-quarter profit on Thursday as the company, formed out of the 2015 split of Hewlett-Packard Co, benefited from changes in the U.S. tax law and sold more personal computers and printers.

Net earnings rose to $1.94 billion, or $ 1.16 per share, in the quarter ended Jan. 31, from $611 million, or 36 cents per share, a year earlier.

The company reported a one-time tax gain of $1.03 billion in the quarter.

Revenue rose to $14.52 billion from $12.68 billion.

Reporting by Laharee Chatterjee in Bengaluru; Editing by Arun Koyyur

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