Weisler Says HP Will Take Decisive Actions

HP Inc. has announced the financial results for its fiscal 2015 year, and the fourth quarter ended October 31, 2015. These results include the Hewlett Packard Enterprise Company (“ Enterprise”), which separated from Hewlett-Packard Company on November 1, 2015.

The highlights include:

• Fiscal 2015 net revenue was $103.4 billion, down 7% from the prior-year period and down 2% on a constant currency basis;

• Printing revenue, worth $4.965 billion, was down 14% year over year with a 17.4% operating margin. Total hardware units were down 17% with Commercial hardware units down 23% and Consumer hardware units down 14%. Supplies revenue was down 10%;

• Most other areas of its operations were also down compared to the same period last year, including personal systems (14%), desktop units (17%) and notebooks (5%), Commercial hardware units down 23% and Consumer hardware units down 14%. Supplies revenue fell 10%.

• Networking revenue was up 35%;

• The free cash flow outlook was updated from $2.4 billion to $2.7 billion for fiscal 2016, down $100 million due to the payment of separation costs that have been moved from fiscal 2015 to fiscal 2016.

“In these challenging markets, we are taking decisive actions that will protect our core business which generates the majority of our cash flows,” said Dion Weisler, president and chief executive officer, HP Inc. “We firmly believe in our strategy and, given our scale, innovation, channel reach and brand, we are well positioned to gain profitable share in the markets where we choose to play.”

The full report can be seen on HP’s website at http://bit.ly/HP2015fiscal

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