HP Inc. has reported an 8.8% increase in sales for the first quarter ended January 31, 2022.
Sales reached $17 billion, compared to the $15.6 billion achieved in the same quarter last year. There was a small increase in operating profits, from $1.32 billion to $1.35 billion. And net profits went from $1.06 billion to $1.08 billion.
“We once again delivered strong top and bottom-line results with record revenue driven by strong demand and our leadership in hybrid,” said Enrique Lores, HP president and CEO. “Our Q1 performance was particularly strong across our key growth areas that collectively grew double digits, including gaming, peripherals, workforce solutions, consumer subscriptions and industrial graphics and 3D.”
Personal Systems net revenue was $12.2 billion, up 15% year-over-year, with a 7.8% operating margin. Consumer net revenue decreased 1% and commercial net revenue increased 26%. Total units were down 6%, with notebook units down 9% and desktop units up 3%.
Printing net revenue was $4.8 billion, down 4% year-over-year, with a 18.2% operating margin. Consumer net revenue was down 23% and commercial net revenue was up 9%. Supplies net revenue was down 2%. Total hardware units were down 28% overall, with consumer units down 31% and commercial units down 3%.
