HP Reports Revenue Decline in Q3

HP Reports Revenue Decline in Q3

According to HP , net revenue was $14.7 billion in the third quarter of the fiscal year 2022 (Q3, 2022), down 4.1% (down 1.9% in constant currency) from the prior-year period.

“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 to shareholders in Q3,” said Enrique Lores, HP President and CEO.

Some highlights about HP Q3 results include:

• GAAP diluted net earnings per share (“EPS”) was $1.08, above the previously provided outlook of $0.91 to $0.96 per share
• Non-GAAP diluted net EPS was $1.04, within the previously provided outlook was $1.03 to $1.08 per share
• Net revenue was $14.7 billion, down 4.1% from the prior-year period
• Net cash provided by operating activities was $0.4 billion,and  free cash flow was $0.3 billion
• Returned $1.3 billion to shareholders in the form of share repurchases and dividends

By segment, Printing net revenue was $4.6 billion, down 6% year over year (down 5% in constant currency) 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% (down 9% in constant currency). Total hardware units were down 3% with Consumer units down 1% and Commercial units down 15%.

Related:

• HP Reports Solid Performance in Q2
• HP Reports Strong Growth in Q1 2022
• HP Reports Growth in Q4 and FY 2021
• HP Reports Growth in Q3
• HP Reports Double-digit Growth for Q2

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