HP Inc. (HPQ - Free Report) recently announced back-to-back new offerings at its ongoing coveted innovation-only event, HP Reinvent. The array includes expansion in printing portfolio, security service, commercial virtual reality (VR) headset and new PCs.
Keeping customers’ digital transformation journey, customer experience and services-led selling in focus, HP aims to drive customer and partner growth plus boost recurring revenues in 2020 and beyond.
As the company winds up HP Reinvent on Mar 20, we take a brief look at some of the new offerings and its expected impact on the company’s prospects.
Focus on Services-Driven Business Model
During the course of the event, HP announced certain upgrades in infrastructure to make room for services-led business models through the channel including financial solutions, specialized training, study on buying behavior and online resources.
HP Integrated Financial Solutions featuring instant credit approval, mobile apps, automated document management and electronic signature among other options will enable partners to ramp up their service-based businesses to ensure long-term recurring revenues.
The company also launched the WISE for Channel mobile-ready platform, which will allow partners to access technical information, service manuals and various training methods via the Partner First portal.
Promoting security-as-a-service, HP also introduced a security-focused managed service, HP DaaS Proactive Security Service, built to monitor and respond to undetected attacks in a bid to address the growing endpoint security challenges.
HP achieved its 100% zero deforestation goal with its HP-branded paper, two years ahead of the deadline. The company announced that its Managed Print Services will continue to support carbon neutrality and forest positivity.
HP printers run on closed-loop recycled plastics, which help reducing the usage of more raw materials. Per management, users have reported lower carbon footprint up to 33% annually.
The company announced that it is on schedule to attain zero deforestation of its paper-based packaging by 2020.
Expansion of VR Portfolio
HP’s new VR headset, HP Reverb Virtual Reality Headset — Professional Edition, aims to address visual quality, fit and comfort and deployment of VR solutions.
The headset boasts 2160 x 2160 panel per eye with double the resolution1 and 114-degree field of view, which is quite impressive.
Innovations in Consumer and Commercial PCs
HP has also expanded its Advanced Micro Devices (AMD - Free Report) commercial portfolio, designed for a modern small and medium-sized business (SMB) workforce. It introduced the HP ProBook 445R G6, HP ProBook 455R G6 and the HP ProDesk 405 G4 Desktop Mini, each powered by specific processors from AMD Ryzen series.
HP also announced HP Premier Care Solutions to boost its premium commercial notebooks including HP EliteBooks and HP ZBooks. The new set of laptops featuring HP ENVY 13, HP ENVY x360 15 and HP ENVY 17 are built on the latest Intel (INTC - Free Report) processors, keeping mobility in mind.
Product innovation and differentiation are the key drivers that aided HP to maintain its leading position in the PC market. Notably, in IDC and Gartner's latest reports on fourth-quarter 2018 PC shipment, HP held the second spot among the worldwide PC vendors.
We believe that the consistent product launches will help HP stay afloat in the current uncertain macroeconomic environment. The series of announcements in the past month seemed a timely move for the company’s betterment of business.
Zacks Rank & Key Pick
HP currently carries a Zacks Rank #4 (Sell).
A better-ranked stock in the broader Computer and Technology sector is Fortinet, Inc (FTNT - Free Report) , sporting a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Long-term earnings growth for Fortinet is projected to be 16.75%.
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