HP Posts Record Revenues
- Paul Thurrott
- May 28, 2021
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HP reported net earnings of $1.2 billion on revenues of $15.9 billion in the most recent quarter, the latter of which is an all-time record.
“We delivered another strong quarter, with double-digit top and bottom-line growth,” HP president and CEO Enrique Lores said. “HP technology is increasingly at the heart of hybrid work and we are benefitting from exceptional demand for our products and services. “Our performance and our positive outlook for the full year reflect the relevance of our innovation, the resilience of our business model, and the operational excellence of our teams.”
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HP’s PC business was on fire in the quarter, with $10.6 billion in revenues, up 27 percent year-over-year. Net revenues from HP’s consumer PCs rose 72 percent, while revenue from commercial PCs grew 10 percent. Total units sold rose 44 percent in the quarter, with notebooks experiencing 63 percent growth and desktops down 5 percent YOY.
Revenues from HP’s printing business hit $5.3 billion, a gain of 28 percent YOY. Hardware unit sales rose 42 percent in the quarter.