PALO ALTO, Calif. - HP Inc. (NYSE: NYSE:HPQ) has announced an expansion of its Workforce Experience Platform and the introduction of new services aimed at enhancing productivity and reducing IT downtime. The updates were unveiled at the HP Imagine event, where the company also launched the industry's first out-of-band diagnostics and remediation capability, designed to support flexible and hybrid work environments.
The Workforce Experience Platform, which has been in private beta with over 270,000 devices enrolled, will now be accessible to more customers in the United States as part of the HP Proactive Insights service. The platform offers a single dashboard for managing and resolving digital friction across employee endpoints, and the latest update includes new features for monitoring and managing printer performance, as well as PCs. AI-powered fleet management and employee sentiment analysis aim to reduce IT support tickets and employee downtime.
HP's new global command centers will provide advanced Monitoring and Management capabilities for both HP and non-HP devices, leveraging telemetry to proactively address incidents before they affect employees. These services are available globally to HP's managed solutions customers.
The new HP out-of-band remediation service, expected to launch later this year in North America and the EU, allows HP support agents to remotely diagnose and fix complex PC issues, even if the PC won't boot. This service will be available as an add-on to HP's support packages for new Intel (NASDAQ:INTC) vPro enabled PCs.
In addition to these technical advancements, HP introduced a new AI advisory service to help customers maximize the benefits of Microsoft (NASDAQ:MSFT) 365 Copilot, which is set to be available in November 2024 in several countries.
HP also emphasized its commitment to societal impact with the expansion of its HOPE Recycling Futures program and its portfolio of HP Certified Refurbished hardware. The HOPE program refurbishes devices for schools serving vulnerable youth, and the expanded hardware portfolio now includes LaserJet Multi-Function Printers in the United States.
These announcements reflect HP's focus on combining advanced technology with services to support the evolving demands of the workforce and contribute to a circular economy. The information in this article is based on a press release statement from HP Inc.
In other recent news, HP Inc. has made significant strides in the tech industry with the introduction of AI-powered PCs, video conferencing tools, and a workstation solution for AI developers. The company has also announced a new $10 billion share buyback program and reaffirmed its fiscal 2024 free cash flow forecast of $3.1 to $3.6 billion. Despite these advancements, HP's third-quarter 2024 earnings fell short of expectations, primarily due to underperformance in its Print segment, though the company did see a 2% year-over-year revenue increase.
HP is also pursuing a legal case seeking up to $4 billion in damages from the estate of the late British billionaire Mike Lynch, related to HP's acquisition of the British tech company Autonomy. In the wake of these developments, Loop Capital, TD Cowen, and Goldman Sachs have maintained their Hold and Neutral ratings on HP's shares.
These recent developments reflect HP's strategic efforts to maintain financial stability and growth while navigating challenges in the tech industry. It's noteworthy that the company's cost restructuring plans and the introduction of AI PCs are part of this strategy.
InvestingPro Insights
As HP Inc. (NYSE: HPQ) continues to innovate with its Workforce Experience Platform and new services, the company's financial health and market performance remain key considerations for investors. InvestingPro data shows HPQ with a market capitalization of approximately $34.4 billion, reflecting its significant presence in the Technology Hardware, Storage & Peripherals industry. The company's Price-to-Earnings (P/E) ratio stands at a modest 12.36, suggesting that the stock may be trading at a reasonable valuation relative to its near-term earnings growth.
InvestingPro Tips highlight that HPQ's management has been actively engaged in share buybacks, which can be indicative of the management's confidence in the company's future performance. Furthermore, HPQ has a notable shareholder yield and has consistently raised its dividend for 7 consecutive years, showcasing its commitment to returning value to shareholders. These factors are particularly relevant as the company invests in new technologies and services that may drive future growth.
For investors looking at longer-term performance, HPQ has maintained dividend payments for an impressive 54 consecutive years and has been profitable over the last twelve months. The company's stock has also provided a strong return over the last five years, which could be appealing to those with a long-term investment horizon.
InvestingPro offers additional insights on HP Inc., with a total of 14 InvestingPro Tips available at https://www.investing.com/pro/HPQ. These tips can provide deeper analysis and further inform investment decisions regarding HPQ stock.
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