HP announced a net income of $640 million on revenues of $13.5 billion for the quarter ending July 31, 2024. Revenue was up 2 percent year-over-year (YOY) thanks to small gains in the firm’s PC business.
“We are pleased with our return to revenue growth and proud of the innovations delivered in the quarter, including the launch of our next-generation AI PC lineup,”
HP president and CEO Enrique Lores said. “We remain focused on our strategic plan and will prioritize opportunities that drive long-term profitable growth, while taking decisive action to navigate a dynamic environment.”
$9.4 billion of HP’s revenues came from its PC business, which experienced revenue growth of 4.9 percent YOY and unit sales growth of just 1 percent. Overall, commercial PC sales were up 8 percent, and up 6 percent by units sold. HP’s consumer PCs were down 1 percent by revenue and 6 percent by unit sales. 71 percent of HP’s PC sales by revenue came from commercial PCs.
Unfortunately, the small gains the PC business made were offset by a 3 percent decline in printing revenues to $4.1 billion. Total hardware unit sales were down 2 percent, as were supplies revenues. Supplies made up 65 percent of revenues in the printing business, compared to 28 percent for commercial printer sales and 7 percent for consumer printer sales.
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