'[W]e are going to stay committed to the principles that we shared in the value plan,' HP CEO
Share buybacks have come under fire as some corporations sought government funding to help carry them through the downturn caused by the coronavirus pandemic.
The comments came after the computer and printer manufacturer posted mixed quarterly results for the quarter ending April 30. The company printed a miss on the top line and a 6-cent beat on the bottom line, recording 51 cents of earnings per share, minus some items, on revenue of $12.47 billion. Lores, who has led HP for more than three decades, pinned printer and personal computer softness on supply chain disruptions caused by state-sanctioned shutdowns to slow the spread of Covid-19, the deadly disease caused by the novel coronavirus. Factories in China reopened in mid-February, which impacted the two segments, he said.
Lores pointed out a bright spot in subscriptions, which grew 30% year over year during the quarter. The company counted a subscriber base of 6 million in February. That has since crossed the 7 million mark, he said.
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