HP down, down and down…

May 31, 2023

HP Inc. and its subsidiaries (HP) announced fiscal 2023 second quarter net revenue of $12.9 billion (€12.08 billion), down 21.7% from the prior-year period.

Personal Systems (PS) net revenue was $8.2 billion (€7.68 billion), down 29% year-over-year with a 5.4% operating margin. Consumer PS net revenue was down 39% and commercial PS net revenue was down 24%. Total units were down 28% with consumer PS units down 34% and commercial PS units down 23%.

Printing net revenue was $4.7 billion (€4.4 billion), down 5% year-over-year with a 19.0% operating margin. Consumer printing net revenue was down 19% and commercial printing net revenue was up 5%.

Supplies net revenue was down 4%. Total hardware units were down 4% overall, with consumer printing units down 5% and commercial printing units flat.

“Our disciplined execution and strong innovation in a tough macro environment allowed us to deliver non-GAAP EPS at the high-end of our target in Q2,” said Enrique Lores, HP President and CEO. “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.”

Categories : City News

Tags : Business Financials HP Inc OEM Sales