HP Revenues Up 3.3 Percent to $13.2 Billion

HP reported that it earned a net income of $700 million on revenues of $13.2 billion in the quarter ending April 30, 2025. Those figures represent a loss of 17 percent and a gain of 3.3 percent, respectively, year-over-year (YOY).

“In [fiscal] Q2, we delivered solid revenue growth, led by strong Commercial performance in Personal Systems and continued momentum behind our future of work strategy,” HP president and CEO Enrique Lores said. “While results in the quarter were impacted by a dynamic regulatory environment, we responded quickly to accelerate the expansion of our manufacturing footprint and further reduce our cost structure. These decisive actions strengthen our foundation and position us to deliver long-term sustainable growth.”

HP’s Personal Systems business is responsible for its PC products and it delivered $9 billion in revenues in the quarter, a gain of 7 percent YOY, for its fourth consecutive quarter of growth. HP cited commercial PC sales tied to the Windows 11 refresh (meaning, Windows 10 end of life) and strong sales of AI PCs and workstations as driving the growth. Commercial PC revenues were up 9 percent YOY, with unit sales up 11 percent. Consumer PC revenues were up 2 percent, but unit sales fell 2 percent. Operating profits fell 4.5 percent, mostly from costs related to U.S. tariffs, HP said.

HP’s Printing business contributed $4.2 billion in revenues, a decline of 4 percent YOY. Revenue from printing supplies fell 5 percent YOY, while total printing hardware unit sales rose 1 percent. Printing revenues declined by 1 percent in both the commercial and consumer sides of the business.

This is mostly OK, given the stagnant PC sales that the industry experienced last year and the small rebound we expect to see in 2025 from the EOL of Windows 10. But HP warned that the impact from U.S. tariffs would worsen in the current quarter, sending the company’s stock price tumbling by 13 percent Thursday morning.

“In light of the increased macroeconomic uncertainty, we have adjusted our outlook to reflect moderated demand and the net impact of trade-related costs,” HP CFO Karen Parkhill said. “We are executing targeted mitigation strategies, and assuming current conditions remain, we expect to fully offset these costs by Q4.”