For the quarter ending January 31, 2021, HP posted net earnings of $1.2 billion on revenues of $15.6 billion, the latter of which was up 7 percent year-over-year. Not surprisingly, PC sales were the star of the show.
“It was an exceptional start to the [fiscal] year with strong revenue, profit, and EPS growth,” HP president and CEO Enrique Lores said. “The strength of our portfolio and diversity of our businesses is driving our performance and positioning HP well for the future. Simply put, we are doing what we said we would do – and our strategy is working.”
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PCs represent about two-thirds of HP’s business by revenue: Its Personal Systems business delivered revenues of $10.6 billion in the quarter, up 7 percent YOY. But unit sales were up 15 percent overall, with notebook PCs jumping 33 percent and desktop PCs falling by 23 percent. Consumer PC revenues rose 34 percent in the quarter, while commercial PC revenues fell 6 percent, HP sales.
HP’s other business, Printing, delivered $5 billion in revenues for a gain of 7 percent YOY. Total hardware unit sales were up 16 percent in the quarter, with consumer hardware unit sales up 18 percent; commercial hardware unit sales were flat. Revenues from printer supplies were up 3 percent.