HP reported revenue of $16.5 billion (+3.9 percent) in fiscal 2022 second quarter thanks to $11.5 billion sales from PC business.
HP’s Personal Systems revenue from the supply of laptops and PC business increased 9 percent to $11.5 billion with 6.9 percent operating margin. HP’s revenue from consumer PC business dropped 6 percent. HP’s revenue from commercial PC business increased 18 percent. HP said total number of PCs sold fell 17 percent. The number of HP Notebooks fell 23 percent. The number of HP Desktops increased 11 percent.
HP’s printing business revenue fell 7 percent to $5 billion with 19.3 percent operating margin. Consumer revenue from HP’s printing business fell 12 percent. Commercial revenue from HP’s printing business dropped 4 percent. The number of HP’s printing units fell 23 percent. The number of HP’s printing units for consumers dropped 24 percent. The number of HP’s printing units for Commercial users fell 17 percent.
Enrique Lores, HP President and CEO, said: “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.”
The latest IDC report said HP had shipped 15.8 million units of PCs, including desktops, notebooks, and workstations, during the first quarter of 2022. HP’s PC market share was 19.7 percent during the first quarter of 2022.
For comparison, HP had shipped 19.2 million units of PCs in the first 2021 for 22.7 percent share during the first quarter of 2021.
Global shipments of PCs declined 5.1 percent in the first quarter of 2022 to 80.5 million PCs during the quarter. The 1Q22 volume marks the seventh consecutive quarter where global shipments surpassed 80 million, a feat not seen since 2012.
Lenovo was the PC market leader by shipping 18.3 million PCs grabbing 22.7 percent share during the first quarter.