Daily Management Review

HP's profit halves in Q1 2022-2023


The first quarter of fiscal 2022–2023, which finished on January 31, saw a 2.2 times year-over-year decline in HP Inc's net income to $487 million, the company reported in a statement.

Don DeBold via flickr
Don DeBold via flickr
Comparatively to $0.99 for the same period last year, the quarter's diluted net income per share was $0.49. Earnings after adjustments came in at $0.75 versus $0.74 in the forecast. In contrast to a forecast of $14.5 billion, the company's quarterly sales decreased 18.8% to $13.828 billion.

The Personal Systems division, which generates more than 65% of total revenue, saw a 24.4% year-over-year decline in revenue to $9.215 billion in the first quarter. The printing (printing materials) industry saw a 4.5% decline to $4.612 billion.

For the current quarter and the entire fiscal year, the business anticipates diluted earnings per share of $0.4 to $0.5 and $2.22 to $2.62, respectively.

source: bloomberg.com