HP Instant Ink surpasses 9 million subscribers

HP Inc. and its subsidiaries announced fiscal 2021 first quarter net revenue of $15.6 billion (€12.87 billion), up 7% from the prior-year period.

The printing segment recorded net revenue of $5.04 billion (€4.15 billion), up 6.8% from the same reporting period of the previous fiscal year. Operating profit for the segment was $998 million (€915 million).

For the reporting period, HP said it has seen double-digit growth in its Instant Ink subscriptions, surpassing 9 million subscribers. Supplies revenue was up 3% and total hardware units were up 16% with consumer hardware units up 18% and Commercial hardware units flat. Consumer net revenue increased 55% and Commercial net revenue decreased 11%.

“It was an exceptional start to the year with strong revenue, profit, and EPS growth. The strength of our portfolio and diversity of our businesses is driving our performance and positioning HP well for the future,” said Enrique Lores, HP President and CEO. “Simply put, we are doing what we said we would do – and our strategy is working.”