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Personal Systems revenue rose 18% to $11.8 billion, but unit shipments fell 16% as memory costs squeezed margins
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HP $HPQ Inc. reported fiscal third-quarter revenue of $15.7 billion, a record for the period, but HP stock fell more than 9% after hours as PC unit shipments dropped 16% year over year and the company warned that memory costs would continue to pressure margins.
In the Personal Systems segment, which covers PCs, revenue climbed 18% to $11.8 billion despite a 16% drop in total unit shipments, with consumer units off 19% and commercial units off 14%. The segment's operating margin contracted to 4.6%, compared with 5.2% in the preceding quarter. Printing revenue fell 2% year over year to $3.9 billion.
