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21 November 2023
HP's Commercial Printing Sales Down
PALO ALTO, CALIFORNIA—
HPs revenue for the quarter came in at $13.8 billion, falling short of the anticipated $13.91 billion. The revenue decline was particularly evident in two of HP's main segments:Personal Systems and Printing. Printing net revenue was $4.4 billion, down 3% year over year (down 2% in constant currency) with a 18.9% operating margin. Consumer Printing net revenue was down 21% and Commercial Printing net revenue was down 4%.
Supplies net revenue was up 3% (up 4% in constant currency). Total hardware units were down 19% with Consumer Printing units down 18% and Commercial Printing units down 24%. Analysts express caution regarding HP's printing division—which accounts for 60% of operating profits—despite potential gains from the PC sector. They also highlight macroeconomic challenges in China affecting business. HP Inc.'s recent earnings report has left investors with mixed feelings about the company's future prospects.
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