HP has reported its quarterly performance for the end of January, with total revenue under GAAP accounting down by 4.4% compared to the same quarter last year, amounting to $13.185 billion, and a net profit of $622 million.
Enrique Lores, CEO and president of HP, stated that the quarterly results reflect the progress made in line with the company’s Future Ready plan to deliver new innovations to customers. Simultaneously, operations have been executed rigorously across all parts of the organization to be prepared for the market recovery.
Within the Personal Systems business segment, revenue totaled $8.809 billion, a 4% decrease from the previous year, even as the number of units shipped increased by 5%. This growth was driven by a 10% increase in the Consumer sector and a 2% increase in the Commercial sector. In contrast, the Printing business saw a 5% revenue decline to $4.375 billion, with hardware shipments decreasing by 17%, comprising a 15% decline in Consumer and an 18% decline in Commercial.
Source: HP
TLDR: HP reported a decline in total revenue and net profit in the latest quarterly results, reflecting progress in executing the Future Ready plan. Personal Systems revenue decreased by 4%, while Printing revenue declined by 5%, with varying impacts in Consumer and Commercial segments.
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