PCs are selling like hotcakes at HP. That makes for more profits and revenue growth that exceeds analysts’ predictions. The printer segment is not doing as well in the background.
PC sales at HP increased 15 percent last quarter compared with the same period a year earlier. The devices brought in $12.2 billion, while analysts had predicted that the segment would see sales of only $11.6 billion.
The PC division is propelling HP forward. For the full quarter, the company posted revenue of $17 billion: 9 percent more than a year ago. That, too, is more than what Wall Street had forecast at $16.5 billion.
Increase by segment
Sales of workstation computers accounted for the largest increase. That segment within the PC division grew 40 percent. Laptops thickened by 14 percent, and somewhat surprisingly, desktops also did well with 17 percent growth. That shows that investments in PCs today differ from the start of the pandemic. Back then, the focus was mainly on laptops to ensure employee mobility.
In an interview with MarketWatch, HP’s CEO Enrique Lores tells us that the entire PC market is $200 billion larger today than it was before the pandemic. The manufacturer especially notices growth in the gaming, industrial 3D and peripherals segments. All three grew 20 percent compared to a year earlier.
Less printed
About the printer segment, HP is a little quieter for understandable reasons. That segment still brought in $4.8 billion, but that’s down 4 percent. Especially in the consumer market, printers are taking hits with a 23 percent drop in sales. The commercial segment is doing better. There, sales do increase, according to HP’s report, and by 9 percent. Overall, 28 percent fewer devices were sold, with again the biggest drop in the consumer market.