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HP revenues fall

by on31 May 2023

Blames a bad case of headwinds

HP has recorded a drop in revenue of 21.7 per cent  year-on-year and 6.7 per cent compared with the previous quarter as consumers and businesses seek to spend less on refreshing hardware such as business laptops.

The $12.9 billion in quarterly revenue was down from $16.5 billion during the same period last year, but even so, company CEO Enrique Lores remains optimistic about having delivered “non-GAAP EPS at the high-end of [the company’s] target in Q2.”

The most detrimental to HP’s profitability during the previous quarter was consumer personal systems, accounting for computers destined for household use, which saw a hefty 39 per cent drop.

Commercial personal systems also saw a drop to the tune of 24 per cent, which aligns with recent industry predictions hinting at reduced spend on such hardware.

The first three months of 2023 saw HP ship 11,998 desktops and notebooks globally, down 24.1 per cent from 15,816 the year previously, according to figures by research firm Canalys. Still, the computer maker remained in second place (behind Lenovo), accounting for around one in five laptop and desktop sales overall.

HP's printer business took a hit too, but this might be because its customers are fed up with the outfit's environmentally unfriendly policies. Among consumers, printing revenue saw a 19 per cent drop. 


Last modified on 31 May 2023
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