HP Inc. reported 3rd quarter revenue of $US13.2 billion ($A20.4bn), down 9.9% from the prior-year period, with Printing business revenue down 7% to $US4.3 billion ($A6.6bn). Total hardware units were down 19% overall.
Local HP partner Currie Group last year launched HP xRServices, a virtual service
"Moderating our expectations": HP CEO Enrique Lores
“We delivered a solid quarter of sequential growth, combining strong innovation with disciplined execution to gain profitable PC market share and achieve our non-GAAP EPS target,” said Enrique Lores, HP president and CEO.
“While we expect another quarter of sequential growth in Q4, the external environment has not improved as quickly as anticipated and we are moderating our expectations as a result. We remain confident in our ability to drive long-term growth and value creation as we focus on the things we can control and make continued progress against our Future Ready plan.”
HP Inc. Fiscal 2023 Third Quarter
Fiscal 2023 third quarter segment results
Personal Systems net revenue was $8.9 billion, down 11% year over year (down 8% in constant currency) with a 6.6% operating margin. Consumer PS net revenue was down 12% and Commercial PS net revenue was down 11%. Total units were up 3% with Consumer PS units up 8% and Commercial PS units flat.
Printing net revenue was $4.3 billion, down 7% year over year (down 5% in constant currency) with an 18.6% operating margin. Consumer Printing net revenue was down 28% and Commercial Printing net revenue was down 6%. Supplies net revenue was down 2% (flat in constant currency). Total hardware units were down 19% overall, with Consumer Printing units down 20% and Commercial Printing units down 8%.
More information on HP's earnings is available on HP's Investor Relations website at investor.hp.com
