HP revenue dips 4% as sales in both PC and printer business drop

HP said revenue fell 4.1 percent to $14.7 billion in its third quarter fiscal 2022 as it struggled in both PC and printer business units.
HP retail store London“Disciplined pricing and cost management, combined with momentum in our key growth businesses, enabled us to deliver solid non-GAAP EPS growth while returning $1.3 billion to shareholders in Q3,” said Enrique Lores, HP President and CEO, in a news statement.

HP’s Personal Systems revenue fell 3 percent to $10.1 billion, with a 6.9 percent operating margin during the quarter ended July 31, 2022. HP PC revenue from consumer business decreased 20 percent. HP PC revenue from Commercial business rose 7 percent.

HP generated $6.574 billion (–10 percent) from selling Notebooks, $2.537 billion (+13 from desktop PCs and $537 million (–3 percent) from Workstations.

HP said total PC units were down 25 percent with Notebooks units down 32 percent and Desktops units up 1 percent.

HP’s Printing revenue dropped 6 percent to $4.6 billion, with 19.9 percent operating margin. HP’s Printing revenue from Consumer rose 1 percent to $725 million. HP’s Printing revenue from Commercial dropped 3 percent to $1.036 billion.

Printer units were down 3 percent with Consumer units down 1 percent and Commercial units down 15 percent.