Printing Net Revenue Declined 14%

In third quarter, net revenue fell 4% or 1% in constant currency year-over-year to $11.9 billion. So says HP Inc. in its financial report for the third quarter.

Printing net revenue was down 14% year over year (down 10% in constant currency) to US$ 5,163 million with a 20.4% operating margin. Total hardware units were down 10% with Commercial hardware units down 2% and Consumer hardware units down 14%. Supplies revenue was down 18% (down 13% in constant currency).

Other highlights of the report include:

• US$0.49 GAAP diluted net earnings per share from continuing operations, above the previously provided outlook of US$0.40 to US$0.43 per share;
• US$0.48 non-GAAP diluted net earnings per share from continuing operations, above the previously provided outlook of US$0.43 to US$0.46 per share;
• US$1.1 billion net cash provided by operating activities;

Dion Weisler, President and CEO, HP Inc. said, “In Q3, we delivered on our financial commitments and continued to make solid progress in executing against our core, growth and future strategic framework. Although the markets remain challenged, we have the innovation and executional rigor needed to continue to take profitable share and invest in the right opportunities to drive long-term success for the company.”

Click here for the full report.

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