HP Revenues Up 3.1 Percent to $13.9 Billion

HP reported that it earned a net income of $700 million on revenues of $13.9 billion in the quarter ending July 31. Those figures represent a decline of 15 percent and a gain of 3.1 percent, respectively, year-over-year (YOY).

“We delivered a fifth consecutive quarter of revenue growth, driven by strength in Personal Systems and strong momentum in our key growth areas,” HP president and CEO Enrique Lores said. “These results demonstrate our agility and focused execution in the quarter, reinforce the strength of our strategy, and our commitment to be a leader in the future of work.”

HP’s Personal Systems business is responsible for the company’s PC sales and it delivered an operating profit of $541 million on revenues of $9.9 billion in the quarter, up 6 percent YOY. $7 billion of these revenues came from commercial PC sales, while $2.9 billion came from consumer PC sales. Total PC unit sales were up 5 percent YOY, with commercial PC unit sales up 3 percent and commercial PC unit sales up 8 percent.

HP’s Printing business added $689 million in operating profit on $4 billion in revenues, a decline of 4 percent YOY. Total hardware sales were down 9 percent YOY, while supplies revenues fell 4 percent YOY. Supplies represented 65 percent of Printing’s revenues.

HP said that 25 percent of its PC sales overall were AI PCs.

“We feel confident about the fact that PCs will continue to grow,” Mr. Lores said. “AI PCs and Windows 11 are going to continue to drive demand.”