HP: Revenue in Q2 decreased by 21.7% year-on-year to $12.9 billion

Tech 2023-05-31 09:52:39 Source: Network

On May 31st, HP released its second quarter financial report for the 2023 fiscal year this morning. The report shows that HP's net revenue in the second quarter was $12

On May 31st, HP released its second quarter financial report for the 2023 fiscal year this morning. The report shows that HP's net revenue in the second quarter was $12.9 billion, a decrease of 21.7% compared to $16.5 billion in the same period last year. Excluding the impact of exchange rate changes, it was a year-on-year decrease of 18.0%; Net profit was $1.1 billion, a 7% increase from $1 billion in the same period last year; Without following US GAAP, HP's adjusted net profit for the second quarter was $800 million, a 31% decrease from $1.2 billion in the same period last year.

HP's adjusted second quarter earnings per share exceeded Wall Street analysts' previous expectations, but revenue did not meet expectations. Meanwhile, HP's profit outlook for the third quarter and full year exceeded expectations. After the financial report was released, HP's post market share price plummeted by nearly 5%.

From a specific business perspective, HP Personal Systems Group's revenue in the second quarter was $8.176 billion, a decrease of 29% compared to $11.532 billion in the same period last year. Excluding the impact of exchange rate changes, the revenue decreased by 25% year-on-year; The operating profit margin of Personal Systems Group in the second fiscal quarter was 5.4%. Among them, the revenue of the commercial sector decreased by 24% year-on-year, while the revenue of the individual consumer sector decreased by 39% year-on-year. In terms of shipment volume, the personal consumer department's shipment volume decreased by 34% year-on-year, the commercial department's shipment volume decreased by 23% year-on-year, and the total shipment volume decreased by 28% year-on-year. HP Personal Systems Group's pre tax profit for the second quarter was $445 million, compared to $794 million in the same period last year.

HP Printing Group's revenue in the second quarter was $4.736 billion, a decrease of 5% compared to $4.963 billion in the same period last year. Excluding the impact of exchange rate changes, the revenue decreased by 2% year-on-year; The operating profit margin is 19.0%. Among them, the net revenue of the personal consumer department decreased by 19% year-on-year, while the net revenue of the commercial department increased by 5% year-on-year; The net revenue of materials decreased by 4% year-on-year, and excluding the impact of exchange rate changes, it decreased by 3% year-on-year. In terms of shipment volume, commercial hardware shipments remained unchanged year-on-year, personal hardware shipments decreased by 5% year-on-year, and total hardware shipments decreased by 4% year-on-year. HP Printing Group's pre tax profit for the second quarter was $899 million, compared to $949 million in the same period last year.

HP's corporate investment in the second quarter was $3 million, compared to $1 million in the previous quarter and zero in the same period last year. The pre tax loss caused by HP's corporate investment in the second fiscal quarter was $38 million, compared to a pre tax loss of $52 million in the same period last year.

Meanwhile, HP expects that according to US GAAP, the diluted earnings per share for the third quarter of fiscal year 2023 will reach between $0.61 and $0.71; Not in accordance with US GAAP, the adjusted diluted earnings per share for the third fiscal quarter are expected to reach $0.81 to $0.91, with an average of $0.86 exceeding analysts' expectations.

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