惠普2026财年Q1营收144.4亿美元超预期，AI PC占比达35%

Performance Overview - The company reported Q1 FY2026 net revenue of $14.44 billion, a year-over-year increase of 6.9%, exceeding analyst expectations of $13.9 billion [1] - Adjusted EPS for the quarter was $0.81, up 9.5% year-over-year, surpassing market expectations of $0.77 [1] Business Segment Performance - The personal systems segment, which includes laptops and desktops, generated revenue of $10.25 billion, reflecting an 11% year-over-year growth, significantly above the analyst forecast of $9.76 billion [1] - Consumer PC revenue grew by 16%, while commercial PC revenue increased by 9%, with overall shipment volume rising by 12% [1] - AI PCs now account for 35% of the business, contributing to structural improvements [1] Cost and Operational Challenges - The cost of storage chips has risen from 15%-18% of PC material costs in the previous quarter to 35%, with ongoing cost pressures expected throughout the year [2] - The company is responding to these challenges through price increases, expanding its supplier network, optimizing product design, and initiating a multi-year cost reduction plan aimed at saving $1 billion annually by FY2028 [2] Financial Guidance - The company maintains its adjusted EPS guidance for FY2026 in the range of $2.90 to $3.20, with the possibility of performance nearing the lower end of this range due to cost pressures [3] - For Q2, the adjusted EPS is expected to be between $0.70 and $0.76, with the midpoint slightly below market expectations of $0.75 [3] Printing Business Performance - Revenue from the printing segment was $4.2 billion, a year-over-year decline of 2%, with operating profit margins facing challenges, partially offsetting the growth in the PC business [4]