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HP up 12% to $63.5bn despite slump in printing hardware sales

HP Inc. has announced fiscal 2021 total net revenue of $63.5 billion, up 12.1% from the prior-year period. In the fourth quarter, its printing business revenue rose by 1% year over year, as printing hardware sales fell by 26%.

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ExecutiveLeadership 1920 Enrique
"Front foot and hitting its stride":
      HP CEO Enrique Lores

“Our results reflect a growth-oriented company on its front foot and hitting its stride,” said Enrique Lores, HP president and CEO, delivering the company’s Fiscal 2021 Full Year and Fourth Quarter Results.

“We delivered a very strong quarter to close out an exceptional year of double-digit revenue, operating profit and EPS growth while returning record levels of capital to shareholders.

"HP is at the heart of hybrid with an innovative portfolio of hardware, software and subscriptions that position the company well for sustained growth in fiscal year 2022 and beyond.”

Fiscal 2021 fourth quarter segment results

Personal Systems net revenue was $11.8 billion, up 13% year over year. Consumer PCs net revenue decreased 3% and Commercial PCs net revenue increased 25%. Total units were down 9% with Notebooks units down 12% and Desktops units up 2%.

Printing net revenue was $4.9 billion, up 1% year over year. Total hardware units were down 26%, with Consumer units down 28% and Commercial units down 12%. Consumer net revenue was down 6% and Commercial net revenue was up 19%. Supplies net revenue was down 2%.

More info here.