HP reported their second quarter financial performance ending in April, with total revenue of 12.8 billion dollars according to GAAP, a decrease of 0.8% compared to the same quarter in the previous year. The net profit was 607 million dollars, while the free cash flow increased by 481 million dollars.
Enrique Lores, the CEO of HP, stated that the company’s product and solution portfolio is now ready for the AI era and hybrid work. HP has a clear strategy in place and is positioned for business growth.
HP’s revenue is divided into two main business groups:
– Personal Systems business group generated revenue of 8.426 billion dollars, increasing by 3%. Consumer products decreased by 3% while Commercial products increased by 6%. The total number of units shipped increased by 7%.
– Printing business group revenue was 4.368 billion dollars, decreasing by 8%. Revenue declined across both Consumer and Commercial segments, as well as in Supplies.
Source: HP
TLDR: HP reported a slight decrease in revenue but an increase in net profit for the second quarter, with a strong focus on AI and hybrid work solutions. Revenue from Personal Systems increased while Printing revenue declined.
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