HP reported net earnings of $1.1 billion on revenues of $15.3 billion for the quarter ending July 31, 2021. But PC sales were flat, signaling that the heady growth of the pandemic era is coming to a close.
“Strong and sustained demand for our technology drove another quarter of top and bottom-line growth,” HP president and CEO Enrique Lores said. “We are performing while we are transforming our business models and service offerings to accelerate growth opportunities across our portfolio. The evolving hybrid world is driving innovation and market expansion for HP and we are well-positioned to capitalize on trends in our markets.”
HP’s Personal Systems business, which is responsible for PC sales, delivered about two-thirds of HP’s revenues, or $10.4 billion. That’s flat year-over-year. Consumer PC sales grew 3 percent in the quarter, while commercial PC sales fell 1 percent, by revenue. But total units sold were also flat YOY, and HP reported that its portable PC unit sales were up 2 percent while desktop PC unit sales fell 7 percent.
HP’s Printing business, meanwhile, delivered $4.9 billion in revenues, up 24 percent YOY. Printer unit sales were down 4 percent overall, with consumer unit sales down 8 percent and commercial unit sales up 29 percent. HP’s printer supplies net revenues were up 20 percent YOY.
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