HP performed well overall in the previous quarter, but PC revenues were flat despite exploding premium notebook PC and Chromebook sales.
HP reported net income of $700 million on revenues of $15.3 million for the quarter ending October 31, the firm’s fiscal fourth quarter. For fiscal 2020, HP reported net income of $2.8 billion on revenues of $56.6 billion. Revenues fell year-over-year for both the fiscal quarter and year, by 1.1 percent and 3.6 percent respectively.
“We closed out a strong quarter with a beat on the top and bottom line,” HP president and CEO Enrique Lores said in a prepared statement. “We had record unit shipments in the quarter, reflecting the important role HP technology is playing in the lives of our customers. Our results give us great confidence in our ability to drive long-term growth and shareholder value in 2021 and beyond.”
As for the PC, HP’s Personal Systems delivered $10.4 billion in revenues, even with the year-ago quarter. Total units sold rose 7 percent, with notebooks up 25 percent and desktops down 31 percent. Notebooks accounted for $7.4 billion of the business unit’s revenues.
Lores also said that consumer premium PC demand rose dramatically—by 29 percent—in the quarter when compared to the previous year. And revenues and unit sales of Chromebooks both doubled in the quarter YOY.
HP’s other big business is Printing, which saw revenues of $4.8 billion, down 3 percent YOY. Total units sold rose by 14 percent with consumer printer sales up 14 percent and commercial sales down 10 percent.
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