HP revenue drops 22% to $12.9B in Q2 - Breaking The News

HP revenue drops 22% to $12.9B in Q2

30 May

1 min read

UNSPLASH / MIKA BAUMEISTER

HP Inc. reported on Tuesday its net revenue for the second quarter of its fiscal 2023 stood at $12.9 billion, dropping 22% compared to the same period a year earlier and coming in slightly below estimates.

GAAP net earnings climbed 7% year on year to reach $1.1 billion and GAAP diluted net earnings per share (EPS) surged 14% to $1.07 in the quarter ending April 30, coming in above the company's previous forecast of $0.40 to $0.50. Adjusted net earnings plunged 31% to $0.8 billion, or $0.80 per share.

"Our disciplined execution and strong innovation in a tough macro environment allowed us to deliver non-GAAP EPS at the high-end of our target in Q2," CEO Enrique Lores stated. "We are well-positioned to win in our markets and drive long-term sustainable growth as we make continued progress against our Future Ready plan," he added.

HP shares lost 0.97% in after-hours trading.

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