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HP Inc. third quarter revenues up 7%

HP Inc. third quarter revenues up 7%

August 27, 2021

HP Inc. and its subsidiaries announced fiscal 2021 third quarter net revenue of $15.3 billion, up 7.0% from the prior-year period, with instant ink subscriptions up 30% YOY.

Personal Systems net revenue was $10.4 billion, flat year-over-year with a 8.4% operating margin. Consumer net revenue increased 3% and Commercial net revenue decreased 1%. Total units were flat with notebooks units up 2% and desktops units down 7%.

Printing net revenue was $4.9 billion, up 24% year-over-year with a 17.6% operating margin. Total hardware units were down 4% overall, with consumer units down 8% and commercial units up 29%. Consumer net revenue was up 15% and commercial net revenue was up 46%. Supplies net revenue was up 20% (up 19% in constant currency).

HP explained that office continued gradual recovery including double-digit revenue growth in Managed Print Services. Its instant ink revenue and total subscribers grew more than 30% year-over-year. Supplies revenue was up 20% but hardware sales were down 4%. Consumer revenue was up 15% year-over-year.

“Strong and sustained demand for our technology drove another quarter of top and bottom-line growth and we more than doubled non-GAAP EPS year over year,” said Enrique Lores, HP President and CEO. “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 capitalise on trends in our markets.”

Categories : City News

Tags : Business Financials HP Inc Instant Ink OEM

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