HP published its second quarter financial results on Thursday, beating market estimates thanks to strong sales of notebooks and printers.
HP’s second quarter non-GAAP diluted net EPS was 93 cents. Second quarter net revenue was $15.9 billion, up 27.3 percent from the prior-year period.
Analysts were expecting earnings of 89 cents per share on revenue of $15 billion.
“We delivered another strong quarter, with double-digit top and bottom line growth. HP technology is increasingly at the heart of hybrid work and we are benefitting from exceptional demand for our products and services,” President and CEO Enrique Lores said in a statement. “Our performance and our positive outlook for the full year reflect the relevance of our innovation, the resilience of our business model, and the operational excellence of our teams.”
Overall Personal Systems revenue came to $10.6 billion, up 27 percent year-over-year. Within that segment, commercial net revenue increased 10 percent and consumer net revenue increased 72 percent. Notebook revenue was up 47 percent to $7.49 billion, while desktop revenue was down 8 percent to $2.23 billion. Workstation revenue came to $407 million, down 7 percent, while “other” revenue within Personal Systems was up 14 percent to $434 million.
Total units shipped were up 44 percent, with notebooks units up 63 percent and desktops units down 5 percent.
HP’s other business segment, Printing, saw revenue increased 28 percent year-over-year to $5.3 billion. Consumer net revenue increased 77 percent and Commercial net revenue increased 34 percent. Supplies net revenue was up 17 percent.
Total hardware units were up 42 percent, with Commercial hardware units up 22 percent and Consumer hardware units up 45 percent.
For the third quarter, HP expects a non-GAAP diluted net EPS to be in the range of 81 cents to 85 cents.