HP Inc. and its subsidiaries (HP) announced fiscal 2022 first quarter net revenue of $17.0 billion (€15.2 billion), up 8.8% from the prior-year period but printing net revenue down 4%.
Printing net revenue was $4.8 billion (€4.3 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%.
Personal Systems net revenue was $12.2 billion (€10.9 billion), up 15% year over year (up 14% in constant currency) with a 7.8% operating margin. Consumer net revenue decreased 1% and Commercial net revenue increased 26%. Total units were down 6% with Notebooks units down 9% and Desktops units up 3%.
Talking about its key growth areas, HP said that in its workforce solutions, the company has been driving more integrated offerings across Personal Systems and Print, with growth in Device as a Service (DaaS) offsetting softness in Managed Print Services (MPS). The company said for the quarter it has seen solid performance with its instant ink programme, with over 11 million subscribers, the company has seen double digit growth in revenue.
“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. Our performance reflects progress against our strategy to build a stronger HP.”
