HP Inc. HPQ is taking various steps to leverage its printing expertise to help businesses and individuals transition easily to the coronavirus-led stay-at-home era. The company recently announced a suite of free online materials — Print, Play & Learn — to support distance learning and student engagement.
The resource platform, which was developed in collaboration with Education.com, TIME for Kids, Canva and KiwiCo, is organized on a weekly basis with different content, worksheets, coloring pages, puzzles and other learning printables for parents with children aged 2-12.
As a result of the pandemic-induced work-from-home and homeschooling situation, a common concern of parents around the world is that their children’s education will be affected. With its new resource platform, HP aims to address this concern. Per Gallup, 42% of respondents are concerned about the negative impact of staying a home, on a child's education.
This is leading parents to search for “education continuity plans” for their children at home, causing a 71% rise in HP Smart App daily downloads. Moreover, per a study conducted among 1000 parents by HP, 62% of respondents prefer to keep a home printer to enhance the learning experience and 53% felt that a home printer would keep their children entertained better.
Efforts to Boost Printing Business
Notably, HP has recently been witnessing declining sales in the Printing business. In the first quarter of fiscal 2020, HP’s Printing revenues (32% of net revenues) fell 6.6% year over year to $4.72 billion.
This is prompting the company to put more effort into pulling the printing segment up. The new printing resource platform will not only help ease the challenges of remote learning but also enable the company to cash in on this opportunity provided by the global stay-at-home situation.
Moreover, last month, HP launched several digital printers and printing solutions to accelerate its transition from analog to digital printing. The portfolio of HP Indigo digital labels and packaging was created especially to be demonstrated in the drupa 2020, which is scheduled to be held from Jun 16 to 26.
HP’s Other Efforts to Help Fight Coronavirus
HP is currently focused on delivering 3D-printed components for face masks, face shields, mask adjusters, nasal swabs, hands-free door openers and respirator parts.
Notably, the company is also collaborating with its partners to create design files for easily assembled parts and make them available online to 3D printer users. Additionally, the company has solicited 3D designers to come up with new applications and ideas to improve the protection of healthcare workers from the coronavirus.
Moreover, HP expects to begin the production of field ventilators and hospital-grade FFP3 face masks soon.
Also, it recently announced various relief initiatives for its global channel partners to mitigate the operational and financial challenges associated with the pandemic.
Zacks Rank and Other Key Picks
HP currently carries a Zacks Rank #2 (Buy).
Some other top-ranked stocks in the broader technology sector are Avid Technology, Inc.AVID, ManTech International Corporation MANT and Zoom Video Communications, Inc. ZM, each sporting a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
The long-term earnings growth rate for Avid, ManTech and Zoom is currently pegged at 20%, 7.36% and 26.56%, respectively.
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Click to get this free report HP Inc. (HPQ) : Free Stock Analysis Report Avid Technology, Inc. (AVID) : Free Stock Analysis Report ManTech International Corporation (MANT) : Free Stock Analysis Report Zoom Video Communications, Inc. (ZM) : Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research