HP’s print revenue down 6%
August 31, 2022
HP Inc. and its subsidiaries (HP) announced fiscal 2022 third quarter net revenue of $14.7 billion (€14.71 billion), down 4.1% from the prior-year period.
HP Inc., reported printing net revenue was $4.6 billion (€4.6 billion), down 6% year-over-year with a 19.9% operating margin. Consumer net revenue was up 1% and Commercial net revenue was down 3%. Supplies net revenue was down 9%. Total hardware units were down 3% with Consumer units down 1% and Commercial units down 15%.
HP explained that revenue declined year-over-year on lower hardware volumes due to supply chain constraints, and softening consumer demand for hardware and supplies due to macro challenges.
HP said that Instant Ink revenue and cumulative subscriptions increased double digits, and added that pilot programmes in Instant Toner and Instant Paper are currently showing positive early signs of customer adoption.
Personal Systems net revenue was $10.1 billion (€10.11 billion), down 3% year-over-year with a 6.9% operating margin. Consumer net revenue decreased 20% and Commercial net revenue increased 7%. Total units were down 25% with Notebooks units down 32% and Desktops units up 1%.
“Disciplined pricing and cost management, combined with continued momentum in our key growth businesses, enabled us to deliver solid non-GAAP EPS growth while returning $1.3 billion (€1.3 billion) to shareholders in Q3,” said Enrique Lores, HP President and CEO. “We are taking clear actions to mitigate near-term market headwinds and further strengthen our business for the future. I’m confident in our ability to execute against our priorities to drive long-term sustainable growth and value creation.”
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