HP Called Customers a "Bad Investment." Now They’re Paying for It

In January 2024, HP's CEO told CNBC that a customer who doesn't print enough or doesn't use HP's own ink is a "bad investment." Here's what customers did next. From fiscal 2018 to fiscal 2025, HP's printing revenue fell from $20.8 billion to $16.7 billion, and ink and toner fell from $13.6 billion to $10.9 billion — roughly one dollar in every five. Three things to know: 1. In 2019, printing brought in about a third of the sales from HP's two main businesses but nearly two thirds of the operating profit. 2. In 2016, a firmware feature called Dynamic Security stopped certain HP printers from accepting cartridges with non-HP chips. HP apologized for not communicating it — not for the blocking. In 2020, Italy's competition authority fined HP €10 million. 3. HP+ printers require an HP account, an internet connection and original HP ink for the life of the printer. HP's annual report blames falling supplies revenue on a "decline in the installed base and usage." Chapters 0:00 Intro 1:33 The Printer Was Never the Product 4:26 The Morning the Cartridges Stopped 7:07 Paying for the Lock 9:58 The Subscription You Can't Unplug 12:40 The Investment Walks Away 15:37 Conclusion Sources: HP Inc. Form 10-K (fiscal 2019, 2025) · HP earnings releases (Q4 FY2019, Q4 FY2025, Q3 FY2026) · HP history · Smithsonian · The Register · PC Gamer · PCWorld · Neowin · Silicon UK · PR Newswire · Italian Competition Authority (AGCM, Dec 9, 2020) · The Recycler · HP+ FAQ · HP Support Community · TechSpot · Ars Technica · Which? (Sept 23, 2022) · TechRadar Footage: CNBC Television · WCPO 9 · KJRH-TV · NewsChannel 5 · WION · ABC News · ABC News (Australia) · CTV News · HP · HP Support · Topjet · Starink · G&G Image Global · CarsonTonerManufacturer · CartridgeWorldUSA · Danny's Printer & Cartridges · Capitalism Hacks · SHS - Connected Life · Analog Indulgence · VintaMercials · ewjxn · Free Copyright · Asset Ammo Some B-roll images are AI-generated (Google Flow). Narration is AI-generated. This video is for informational purposes only and is not investment advice. #HP #PrinterInk #BusinessDocumentary