June 1, 2022
HP Inc. and its subsidiaries (HP) announced fiscal 2022 second quarter net revenue of $16.5 billion (€15.4 billion), up 3.9% from the prior-year period.
Personal Systems net revenue was $11.5 billion (€10.7 billion), up 9% year over year with a 6.9% operating margin. Consumer net revenue decreased 6% and commercial net revenue increased 18%. Total units were down 17% with Notebooks units down 23% and Desktops units up 11%.
Printing net revenue was $5.0 billion (€4.7 billion), down 7% year over year with a 19.3% operating margin. Consumer net revenue was down 12% and commercial net revenue was down 4%. Supplies net revenue was down 6%. Total hardware units were down 23% with Consumer units down 24% and Commercial units down 17%.
HP+ and Big Tank printers now represent 48% of HP’s shipment mix, rebalancing its system profitability toward hardware, the company said.
“We delivered a solid quarter of revenue and non-GAAP EPS growth, while returning significant capital to shareholders,” said Enrique Lores, HP President and CEO. “Collectively, our key growth businesses grew double digits and drove $5.6 billion in revenue in the first half of the year. Our consistent performance in the face of a volatile macro environment gives us confidence in our plans to build a stronger HP.”
In its earnings presentation HP said that with its workforce solutions it has seen a year-on-year double-digit revenue growth, with strength in Device-as-a-Service (DaaS) offsetting the gradual recovery in Managed Print Services (MPS). Consumer services saw its instant ink programme scaled further as cumulative enrolees and revenue grew double-digits, driven by improved adoption worldwide across its installed base.
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