HP Inc.’s often-quoted 1.7% increase was quarterly revenue growth, not growth for all of 2024. For the fiscal quarter ended October 31, 2024, HP reported $14.1 billion in net revenue, up 1.7% year over year. Its full fiscal-year 2024 revenue was $53.6 billion, down 0.3%. The quarter showed tentative, commercially led stabilization rather than a broad consumer-PC recovery.
What the 1.7% figure actually measures
HP announced its fiscal fourth-quarter and full-year results on November 26, 2024. The company’s fiscal Q4 revenue rose 1.7% to $14.1 billion, its second consecutive quarter of year-over-year growth. The full fiscal year tells a different story: revenue was $53.6 billion, down 0.3%.
| Measure | Fiscal Q4 2024 | Fiscal 2024 |
|---|---|---|
| Total revenue | $14.1 billion, up 1.7% | $53.6 billion, down 0.3% |
| Personal Systems revenue | $9.6 billion, up 2% | Not stated in the cited quarterly summary |
| Printing revenue | $4.5 billion, up 1% | Not stated in the cited quarterly summary |
| GAAP diluted EPS | $0.93, versus $0.97 a year earlier | $2.81, versus $3.26 |
The primary results release is available from HP. The distinction matters for investors: a single improving quarter did not reverse the annual decline.
PC demand was mixed, not uniformly collapsing
HP’s Personal Systems segment produced $9.6 billion of Q4 revenue, up 2%, while total PC unit volume increased 1%. Those topline figures conceal a sharp split between business and household buyers.
#1 Best Overall
- All In The Detail: The HP laptop has a beautiful brushed full-size keyboard with 10-key number pad. The 17.3 HP laptop features Wide Vision 720p camera + digital microphones, delivering clear and detailed image for video chats. Work and play non-stop with long battery life and HP Fast Charge. The large laptop hp computer is one place for all...
- Immersive Full HD Display: Experience high performance with the HP laptops featuring a stunning 17.3 inch FHD anti-glare display with sharp details and vivid color. The large 17 inch HP laptops slim bezel and big screen is perfect for multitasking, work, and entertainment. Its slim, sleek, durable design in new vibrant silver finish makes this eye-catching, thin lightweight HP 17.3 laptop easily portable..
- Windows 11 & Office 365 for Web: Preloaded with Windows 11 for a secure and easy-to-manage work experience. Built-in AI Copilot helps you quickly organize tasks, summarize information, and create content. With Office 365 for Web, you can create, edit, and share documents, presentations, and spreadsheets anytime, anywhere.
| PC category | Revenue | Units |
|---|---|---|
| Total Personal Systems | Up 2% | Up 1% |
| Consumer PCs | Down 4% | Down 3% |
| Commercial PCs | Up 5% | Up 4% |
Commercial growth therefore offset consumer weakness. Calling the entire PC market a decline would be too broad, but calling the quarter a full recovery would also overstate the evidence. Household demand was still contracting, and total unit growth of 1% amounted to stabilization more than a powerful refresh cycle.
Why business PCs held up better
HP did not establish a single cause for the segment gap in its results release. Several explanations are plausible, but should be treated as interpretation rather than confirmed company guidance:
- Businesses may have had stronger reasons to replace aging Windows systems on a planned fleet schedule.
- Commercial contracts and budget cycles can make enterprise purchases less sensitive to short-term household confidence.
- Corporate buyers may have been more willing to test or standardize newer AI-capable systems.
- Consumers could delay upgrades when existing laptops still meet everyday needs and AI features do not yet justify the expense.
For a household deciding whether to buy, HP’s numbers suggest that business demand was doing more of the work than an urgent consumer replacement wave.
Rank #2
- Efficient Intel Processor N150 delivers reliable performance for everyday computing tasks including web browsing, document editing, video streaming, and multitasking. 4GB DDR4 RAM ensures smooth operation when running multiple applications simultaneously. Perfect for students, home users, and professionals who need dependable performance for productivity work, online learning, video conferencing, and entertainment without lag or slowdowns.
- 128GB UFS storage provides fast boot times and quick application loading while offering ample space for documents, photos, videos, and essential software. Includes one-year subscription to Microsoft Office 365 Personal with Word, Excel, PowerPoint, Outlook, and 1TB OneDrive cloud storage—everything you need to create professional documents, spreadsheets, presentations, and manage email right out of the box.
- 14" HD (1366 x 768) anti-glare display delivers clear, comfortable viewing for extended work sessions with reduced eye strain. Narrow bezels maximize screen real estate for immersive content consumption. Integrated Intel UHD Graphics handles everyday visual tasks, HD video playback, and light photo editing. Ideal screen size balances portability with productivity—large enough for comfortable multitasking yet compact enough to carry anywhere.
- Comprehensive connectivity includes Wi-Fi 6 (802.11ax) for faster wireless speeds and improved network efficiency, Bluetooth 5.0 for wireless peripherals, USB-C port for modern accessories and fast data transfer, USB 3.2 ports, HDMI output for external displays or projectors, and 3.5mm audio jack. HD webcam with integrated microphone enables crystal-clear video calls for remote work, online classes, and staying connected with family and friends.
- Windows 11 Home operating system provides intuitive interface with enhanced productivity features, improved security, and seamless integration with Microsoft services. Full-size keyboard with numeric keypad for efficient data entry. Lightweight and portable design makes it easy to work from anywhere—home, office, classroom, or coffee shop. Long battery life supports all-day productivity. Backed by HP’s quality and reliability with customer support available.
Printing also contributed to the quarter
HP’s Printing segment generated $4.5 billion in fiscal Q4 revenue, up 1%, with a 19.6% operating margin. Consumer Printing revenue rose 3%, while Commercial Printing revenue fell 1%. Supplies revenue increased 2%, and total hardware units rose 9.5%.
Some contemporaneous coverage listed Printing revenue as $5.4 billion. HP’s official release reports $4.5 billion, so $5.4 billion should not be used as the company’s Q4 figure. Printing’s much higher margin also made it strategically important to HP even though it is not a fast-growth business.
Revenue improved while GAAP earnings remained under pressure
Q4 GAAP diluted earnings per share were $0.93, down from $0.97 a year earlier. For fiscal 2024, GAAP diluted EPS was $2.81, compared with $3.26 in fiscal 2023. HP’s full-year non-GAAP diluted EPS was $3.38, up from $3.28, so those measures should not be mixed.
Rank #3
- Powerful Performance for Everyday Computing: Intel Celeron N4500 dual-core processor with up to 2.8 GHz burst frequency and 4 MB L3 cache delivers smooth multitasking for web browsing, email, document editing, and streaming. Paired with 8GB DDR4 memory, this laptop handles daily productivity tasks efficiently. Intel UHD Graphics provides reliable performance for casual gaming and multimedia consumption without dedicated graphics overhead.
- Stunning 14-Inch HD Display with Micro-Edge Design: Experience crisp visuals on a 14-inch diagonal HD (1366 x 768) anti-glare display with 250 nits brightness and 45% NTSC color accuracy. The micro-edge bezel design maximizes screen real estate with an impressive 79% screen-to-body ratio, giving you more viewing area in a compact form factor. Anti-glare coating reduces eye strain during extended work sessions, perfect for students and professionals working long hours.
- Ample Storage and Productivity Suite Included: 64GB eMMC internal storage provides space for applications, documents, and media files. Windows 11 Home in S Mode offers enhanced security and performance optimization. Microsoft 365 one-year subscription included—access Word, Excel, PowerPoint with AI-powered smart assistance features. Microsoft Copilot integration with dedicated Copilot key gives you intelligent answers and productivity support at your fingertips for seamless workflow enhancement.
- Modern Connectivity and Comprehensive Ports: Wi-Fi 6 (2x2) and Bluetooth 5.4 wireless connectivity ensure fast, reliable connections for streaming and online collaboration. Full port selection includes 1 USB Type-C 5Gbps, 2 USB Type-A 5Gbps, HDMI 1.4b, headphone/microphone combo jack, SD media card reader, and AC Smart pin. HP True Vision 720p HD camera with dual array digital microphones enables crystal-clear video conferencing for remote work and online learning.
- Ultra-Portable Design with Extended Battery Life: Weighing just 3.24 lbs with a slim 0.71-inch profile, this laptop fits easily into backpacks and bags for on-the-go productivity. Up to 12 hours of video playback or 7 hours 45 minutes of wireless streaming battery life, keeping you productive throughout the day. Includes 45W AC power adapter. Snow white finish with vertical brushing pattern on keyboard deck and full-size snow white keyboard for comfortable typing.
- Q4 Personal Systems operating margin: 5.7%.
- Q4 Printing operating margin: 19.6%.
- Fiscal-year free cash flow: $3.3 billion.
- Fiscal 2024 shareholder returns through dividends and repurchases: $3.2 billion.
The financial picture was therefore uneven: modest revenue stabilization, lower reported GAAP profitability, and substantial cash returned to shareholders.
What AI PCs did—and did not—prove
Contemporaneous reporting attributed a comment to HP that AI PCs represented more than 15% of its PC shipments in the quarter. That is management commentary reported by Thurrott, not an independently audited industry statistic. HP’s official release emphasized its AI-PC push but does not present the same 15% figure in its main financial summary.
Shipment share is not revenue share, and vendors and analysts do not always use identical definitions of “AI PC.” A higher mix also does not demonstrate that AI features caused customers to upgrade. The 4% consumer-revenue decline is evidence that AI PCs had not yet created a broad household demand surge in this quarter.
Rank #4
- MICRO-EDGE HD TOUCHSCREEN DISPLAY - Reach out and control your PC with just pinch, tap, or swipe, for a totally intuitive experience with flicker-free, 1366 x 768 resolution visuals
- AMD RYZEN PROCESSOR - Experience acceleration for your work and creativity in a laptop powered by an AMD Ryzen 3 processor and boosted with incredible battery life
- AMD RADEON GRAPHICS - Experience high performance for all your entertainment whether it's games or movies
- STORAGE AND MEMORY - 128 GB PCIe NVMe M.2 SSD performs up to 15x faster than a traditional hard drive; and 8 GB LPDDR5 RAM memory is power efficient and provides speedy, responsive performance
- WINDOWS 11 HOME IN S MODE - Experience the most secure Windows ever built with added protection against phishing and malware
HP’s fiscal 2025 outlook was cautious
For fiscal Q1 2025, HP guided to GAAP diluted EPS of $0.57–$0.63 and non-GAAP diluted EPS of $0.70–$0.76. Management said fiscal-year revenue should grow broadly in line with the overall market, rather than accelerate sharply.
Contemporaneous coverage reported that HP did not expect a meaningful broad PC-market rebound until the second half of 2025. That was a dated management expectation in November 2024, not a permanent forecast or an independent analyst consensus. The guidance implied a gradual repair led initially by commercial demand, with consumers taking longer to return.
What happened after the 2024 quarter?
Later results provide useful hindsight without changing what was knowable in November 2024. HP reported fiscal Q4 2025 revenue of $14.6 billion, up 4.2% year over year. Personal Systems revenue rose 8% to $10.4 billion, while Printing revenue fell 4% to $4.3 billion. HP described fiscal 2025 as its sixth consecutive quarter of revenue growth.
Recommended Free Tools
Best Value
- Designed for mobility with a slim 0.71-inch profile and lightweight 3.24 lb chassis, making it easy to carry between home, office
Those results make the 2024 quarter look more like an early stabilization point than proof of a prolonged collapse. They do not erase the consumer weakness recorded in fiscal Q4 2024. The later figures are reported in HP’s 2025 release and its investor-relations copy.
What this means for a PC buyer or investor
For people replacing a computer
Buy when an existing system is failing, a business refresh is required, or a current discount delivers a clear improvement in performance, battery life, or support. Waiting can make sense when the current PC remains adequate and the only reason to upgrade is an early-generation AI feature whose practical benefit is uncertain.
For investors reading the headline
Separate quarterly from annual growth, commercial from consumer demand, and revenue from earnings. HP’s quarter showed a healthier business fleet market and a still-soft household market; it did not establish a broad PC boom.
Official company results and segment definitions are available at HP’s fiscal 2024 release. HP Inc. is the personal-computing and printing company; it should not be confused with Hewlett Packard Enterprise.
Quick Recap
Product prices and availability are accurate as of the date/time indicated and are subject to change. Any price and availability information displayed on Amazon at the time of purchase will apply.
