HP aims at strong second-quarter with innovative products for consumers

HP Inc. announced fiscal 2024 second quarter revenue of $12.8 billion, down 0.8 percent from the prior-year period.
HP sales revenue Q2 fiscal“We delivered a solid quarter and first half, and unveiled an innovative portfolio of solutions designed for the AI and hybrid era,” said Enrique Lores, President and CEO, HP Inc. “We have a clear strategy and are well positioned to drive profitable growth across our business.”

HP has generated 49 percent of its sales revenue from Personal Systems Commercial that includes PCs and laptops, 22 percent from Printing Supplies, 17 percent from Personal Systems Consumer, 10 percent from Commercial and 2 percent from Printing Consumer.

Personal Systems revenue was $8.4 billion (up 3 percent). Consumer PS revenue was down 3 percent and Commercial PS revenue was up 6 percent. Total units were up 7 percent with Consumer PS units down 1 percent and Commercial PS units up 12 percent.

Revenue growth in Personal Systems business was driven by higher volumes, led by commercial, partially offset by a decline in ASPs and weakness in China.

HP has introduced AI PCs, enabling customers to harness AI technologies, including Microsoft’s Copilot+.

HP’s Personal Systems total units up 7 percent with Consumer PS units down 1 percent, Commercial PS units up 12 percent, Consumer PS revenue down 3 percent and Commercial PS revenue up 6 percent.

HP’s printing revenue was $4.4 billion, down 8 percent. Consumer Printing revenue was down 16 percent and Commercial Printing revenue was down 12 percent. Supplies revenue was down 5 percent. Hardware units were down 17 percent, with Consumer Printing units down 17 percent and Commercial Printing units down 17 percent.

Decline in HP’s printing revenue was driven by demand weakness, pricing pressure and share loss in hardware, as well as Supplies declines.

HP launched new lineup of digital presses and intelligent solutions at DRUPA, including the Indigo 120K, setting a standard for high-volume production and automation.

HP’s printing supplies revenue down 5 percent, Hardware units down 17 percent, Consumer Printing revenue down 16 percent and Commercial Printing revenue down 12 percent.

HP’s HYBRID SYSTEMS Q/Q revenue growth driven by strong performance in video collaboration. HP expanded portfolio of room solutions with a Poly Studio 360-degree camera, enabling a more immersive meeting experience.

HP’s GAMING revenue grew for second straight quarter. New innovation announced during the quarter included the Omen 17.3” Gaming Laptop PC, the first laptop with a new CoPilot key.

HP’s WORKFORCE SOLUTIONS revenue grew, driven by hardware and services. HP introduced an enhanced Workforce Experience Platform, providing CIOs with an AI-enabled digital experience to unlock the full potential of their teams.

HP’s CONSUMER SUBSCRIPTIONS revenue grew. HP has launched All-in subscription plan, offering a printer, ink and 24/7 service for one monthly price, in North America at the beginning of the quarter.

HP’s INDUSTRIAL GRAPHICS revenue grew for the third straight quarter, driven by supplies and services. HP’s expanded portfolio and new end-to-end automation processes leveraging AI and robotics were on full display at DRUPA 2024.

Baburajan Kizhakedath

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