HP Inc. makes personal computers and printers, one of the largest PC and printing companies in the world, selling laptops, desktops and printing hardware to both consumer and business customers. Its printing business generates recurring revenue not just from initial printer sales but from ongoing sales of ink and toner cartridges, a razor-and-blades style business model where the printer hardware itself is often a smaller part of the overall economics compared to the ongoing supplies revenue. HP's personal computer business competes in a mature, competitive market where product differentiation can be challenging, making the company's PC segment more sensitive to pricing pressure and periodic upgrade cycles than its higher-margin printing supplies business. The company's revenue is tied to overall PC replacement cycles, business and consumer technology spending, and printing volumes that drive its recurring ink and toner supplies business.