Print giant HP reported $US12.9 billion in net revenue for the second quarter of fiscal 2023, down 21.7% from the prior-year period. Commercial Printing net revenue was up 5%.
“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 (pictured).
“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.”
Fiscal 2023 Second quarter segment results:
Personal Systems net revenue was $8.2 billion, down 29% year over year (down 25% in constant currency) 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, down 5% year over year (down 2% in constant currency) 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% (down 3% in constant currency). Total hardware units were down 4% overall, with Consumer Printing units down 5% and Commercial Printing units flat.
Second quarter returned $0.3 billion to shareholders in the form of dividends.
More information at https://investor.hp.com/home
