HP beats revenue expectations for first quarter of 2022 fiscal year

Source: Daniel Rubino / Windows Central

HP recently announced figures for the first quarter of its 2022 fiscal year. The company brought in net revenue of $17 billion during the period, which is up 8.8% year-over-year. HP beat expectations for the quarter and adjusted its forecast for the entirety of the 2022 fiscal year.

HP is the latest PC maker to record a strong quarter, following on the heels of Lenovo and Dell.

In the first quarter of the 2022 fiscal year, HP had earnings per share (EPS) of $1.10. That was up from $0.92 in the same period of the previous year. It also beat expectations, which were between $0.99 and $1.05 EPS.

HP’s personal systems net revenue was $1.22 billion, up 15% year-over-year. Consumer net revenue dropped 1% YoY, while commercial net revenue increased 26% YoY.

“We once again delivered strong top and bottom-line results with record revenue driven by strong demand and our leadership in hybrid,” said HP President and CEO Enrique Lores. “Our Q1 performance was particularly strong across our key growth areas that collectively grew double digits including gaming, peripherals, workforce solutions, consumer subscriptions, and industrial graphics and 3D. Our performance reflects progress against our strategy to build a stronger HP.”

It was not all good news, however, for HP. The company’s printing net revenue ($4.8 billion) fell 4% year-over-year. That drop was due to consumer net revenue falling 23% and supplies net revenue decreasing 2%. HP’s commercial net revenue was up 9% in the same period, though that increase was not enough to offset drops in consumer and supply revenue.

In its report for the quarter, HP updated its estimates for the entirety of the 2022 fiscal year. The company now expects a non-GAAP diluted net EPS between $4.18 and $4.38. The previous estimate from the company was $4.07 to $4.27 per share.