HP reported that it earned $1.1 billion in net earnings on revenues of $12.9 billion in the quarter ending April 30. Revenues fell by 21.7 percent year-over-year (YOY).

“Our disciplined execution and strong innovation in a tough macro environment allowed us to deliver [earnings per share] at the high-end of our target in Q2,” HP president and CEO Enrique Lores said. “We are well-positioned to win in our markets and drive long-term sustainable growth as we make continued progress against our Future Ready plan.”

HP’s Personal Systems division is responsible for its PC business, where revenues fell 29 percent YOY to $8.2 billion. Consumer PC revenues fell 39 percent, while commercial PC revenues fell 24 percent, HP said. Total units sold were down 28 percent, in line with PC quarterly sales estimates from IDC.

HP’s Printing business reported revenues of $4.7 billion, a drop of 5 percent YOY.

Looking to the future, HP said that it expects the second half of its fiscal 2023—the next two quarters—to deliver more positive results, though YOY comparisons will still be negative. “The second half will be stronger than the first,” Mr. Lores said.