HP’s Printing Revenue Down 17%

HP has announced its earnings report for the first quarter of 2016. The net revenue for the period recorded $12.2 billion, down 12% year over year and down 5% in constant currency. The first quarter returned more than $1 billion to shareholders in the form of share repurchases and dividends. First quarter net cash used in operating activities was $108 million.

In the printing division, net revenue recorded $4,642 million, down 17% year over year. Earnings before tax were $787 million with a 17.0% operating margin. Commercial hardware unit revenue was $1,219, down 15% and consumer hardware unit registered revenue of $322 million, declining 23%. Supplies revenue was $3,101million, dropping 14%.