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HP reports last quarter’s earnings

Total net revenue down 11.2% to $14.8 billion

  • Printing division revenue down 7.1% to $4.533 billion (includes PPS, MFPs, printers, etc.)
    • Non-GAAP operating profit of $903 million
    • Profit from this division is 66% of total company
    • Supplies revenue down 10%
    • Total hardware units down 3%
    • Commercial revenue up 1%
    • Consumer revenue down 7%
  • Personal Systems division revenue down 13% to $10.267 billion
    • Non-GAAP operating profit of $458 million
  • Plans to reduce total headcount by as much as 6,000 employees by end of 2025
    • Plans for $1 billion in restructuring charges
    • “portfolio optimization” will focus on businesses where HP can be #1 or #2 over next 3 years
    • (3 years ago HP cut up to 9,000 employees in last reorg)

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