HP Inc's revenue by segment 2010-2023

HP Inc’s revenue was just under 54 billion U.S. dollars in 2022, with the Personal Systems segment bringing revenue of nearly 36 billion U.S. dollars. HP shipped over 55 million personal computers in 2022, and was second only to Lenovo in terms of unit sales. Global personal computer shipments peaked in 2021, although suffered a fall in 2022 as a result of reduced demands and other supply chain imbalances.

PC vendors face a difficult 2023

Following strong growth through the pandemic as consumers and enterprises purchased new devices, global PC shipments fell by 16 percent in 2022 and by as much as 29 percent in the fourth quarter of the year – one of the sharpest declines on record. This can be attributed to the slowdown in the global economy, with device spending expected to fall by five percent in 2023 as buyers lengthen PC refresh cycles – a trend that is expected to last until late 2023 or early 2024. Instead, PC vendors are likely to focus on software and service provision upgrades while the market recovers, including PC as a service (PCaaS) offerings to mitigate costs and refurbished products with additional support coverage.