HP Inc. (NYSE:HPQ) shares closed around 10% higher on Wednesday following the company’s reported Q4 results, with non-GAAP EPS coming in at $0.94, beating the consensus estimate of $0.88. Quarterly revenue grew 9.3% year-over-year to $16.7 billion, compared to the Street estimate of $15.4 billion.

Q4 results and Q1 guidance highlighted improved execution on the supply chain and an ongoing healthy demand environment, particularly on the company’s enterprise side. Supply constraints remain a meaningful headwind in both Print and Personal Systems, but margins for both businesses remain solid with the company continuing to focus on profitability in its Print business and benefitting from higher ASPs and improving mix in its Personal Systems business.

While true demand is still hard to gauge in this supply-constrained environment, analysts at Deutsche Bank noted that the company is now seeing year-over-year declines in its consumer Print and PS businesses, which is not surprising considering the hard year-over-year compares and the shift by some employees back to the office.