Computing giant HP has revealed it is coping well despite the ongoing chip shortage and pandemic-related issues plaguing much of the technology industry.
Speaking to MarketWatch (opens in new tab) ahead of the company's latest quarterly results, HP President and CEO Enrique Lores said that sales of PCs continued to be strong as workers react to the new world of hybrid working.
“The PC market is $200 billion bigger than it was before the pandemic because of the way people are working, playing,” Lores noted. “We see this hybrid world for the foreseeable future.”
Overall, the company revealed it saw net revenues of $17.0 billion in Q1 2022, up 8.8% compared to the same period last year.
And despite some issues still continuing and affecting some areas of its business (as has been the case with most leading PC makers), HP is confident that it will still continue to succeed going forward as the market continues to rebound.
“We once again delivered strong top and bottom-line results with record revenue driven by strong demand and our leadership in hybrid,” Lores said in the company's official statement.
“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.”
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The results included a strong quarter for HP’s personal systems division, which includes PC and laptop sales, recording $12.2 billion in revenue, up 15% from the same quarter in 2021.
HP revealed that its total unit shipments actually declined 6%, with notebook unit shipments down 9% - although desktop units saw a 3% rise as businesses looked to upgrade their hardware during and after the pandemic.
However printer revenues declined 4% to $4.8 billion in another sign that customers are moving away from needing to print documents.
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