HP beats revenue expectations for first quarter of 2022 fiscal year
HP had a strong start to the 2022 fiscal year, including an 8.8% increase in revenue year-over-year.
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What you need to know
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 ofLenovoandDell.
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.
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Sean Endicott is a tech journalist at Windows Central, specializing in Windows, Microsoft software, AI, and PCs. He’s covered major launches, from Windows 10 and 11 to the rise of AI tools like ChatGPT. Sean’s journey began with the Lumia 740, leading to strong ties with app developers. Outside writing, he coaches American football, utilizing Microsoft services to manage his team. He studied broadcast journalism at Nottingham Trent University and is active on X @SeanEndicott_ and Threads @sean_endicott_.
