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Shares of HP Inc. initially dipped 2% in extended trading Thursday after the venerable computing giant reported fiscal third-quarter results that included a steep jump in printer sales but flat personal-systems sales.

"It was a solid quarter. Demand continues to be very strong -- backlog was equivalent to a full quarter -- but it would have been higher if not for low-cost component supply chain challenges," HP Chief Executive Enrique Lores told MarketWatch in an interview before the results were announced. "We are working hard to push supply despite this constrained environment."

HP $(HPQ)$reported net earnings of $1.1 billion, or 91 cents a share, compared with net earnings of $700 million, or 52 cents a share, in the year-ago quarter. The company's adjusted net earnings was $1.2 billion, or $1 a share.

Net revenue rose 7% to $15.3 billion from $14.3 billion a year ago.

HP's personal systems sales that include PCs and laptops made up a large chunk of quarterly revenue, at $10.4 billion, flat from the same quarter a year ago. Printer revenue improved 24%, to $4.9 billion.

Personal computer sales remained strong in the U.S., where HP took the top spot with 8.07 million unit shipments between April and June, up 20% from the year-ago quarter. Apple Inc. $(AAPL)$ fell from its No. 1 perch a year ago, to 7.6 million, according to market researcher Canalys.

Analysts surveyed by FactSet had expected net income of 84 cents a share on revenue of $15.9 billion.

"Effectively, the reason the company missed a much higher personal-systems growth number came down to supply shortages -- evident by the full quarter of shipment backlog that HP has, reflecting about six to eight times above pre-pandemic levels," Daniel Newman, principal analyst at Futurum Research, told MarketWatch.

"Some of these [supply] challenges are industrywide, but getting this right could be the difference from hitting the Street's estimates and coming up short," Newman said. "This will be something to watch in the fourth quarter and beyond."

During the third quarter, HP returned $1.7 billion to shareholders in stock repurchases and dividends. For fiscal 2021, HP estimates adjusted net earnings of between $3.69 and $3.75 a share, eclipsing FactSet estimates of about $3.50.

HP's stock is up 19% so far in 2021. The broader S&P 500 index has gained 19% this year.