HP reported quarterly revenue and profit that topped analysts’ estimates, buoyed by strong sales of personal computers and printers needed for
HP has enjoyed a surge in demand for laptops needed for study and work at home during the COVID pandemic. The lockdown had dented HP’s printing business as commercial customers
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Chief executive officer Enrique Lores said higher demand for computers and peripherals is sustainable because consumers have learned the importance of this technology during the pandemic. Later in the year, commercial demand will support orders as companies
“We think that change is sustainable,” he said in an interview. “COVID has made technology more fundamental in all of our lives.”
He also addressed chip shortages, saying “growth would be even stronger if we got more components.” A sudden and large increase in forecasts from HP for 2021 made it difficult for suppliers to respond in a timely manner Lores said, while noting that the company’s supply is sufficient to support its bullish outlook.
Revenue from Personal Systems, mostly computers, rose 7% to $10.6 billion. Sales to consumers jumped 34%, while revenue from to corporate customers decreased 6%. Printing revenue rose 7% to $5 billion.
As part of an effort to strengthen the diversity of its products, HP is spending $425 million to acquire HyperX, the gaming division of Kingston Technology. HyperX makes accessories such as headsets, keyboards and microphones. HP already makes laptops for video game enthusiasts.
