HP Discloses Fiscal 2024 Q2 Results

HP Discloses Fiscal 2024 Q2 Results

HP and its subsidiaries disclosed its financial outcomes for the second quarter of fiscal year 2024. The net revenue reached $12.8 billion, representing a 0.8% decline compared to the previous year.

Net cash provided by operating activities resulted in $581 million, generating a free cash flow of $481 million in the second quarter. As of the quarter’s conclusion, HP existed with a gross cash total of $2.5 billion, including $2.4 billion in cash and cash equivalents, $75 million in restricted cash, and $3 million in short-term investments.

Analyzing the revenue by segment, HP gained a net revenue of $4.4 billion in printing and $8.4 billion in personal systems. Printing revenue saw a decline of 7% from 2023, attributed to a 16% decrease in consumer printing and a 12% dip in commercial printing. Supplies net revenue experienced a decline by 5% year-on-year. Regarding total hardware units, the figure dropped by 17%, with both consumer printing units and commercial printing units down by 17% each.

Enrique Lores, President and CEO of HP Inc, acknowledged the progress HP had been making in the first half of the year. “We delivered a solid quarter and first half, and unveiled an innovative portfolio of solutions designed for the AI and hybrid era. We have a clear strategy and are well positioned to drive profitable growth across our business.”

Looking ahead, HP projects a GAAP diluted net EPS ranging from $0.63 to $0.77, and a non-GAAP diluted net EPS between $0.78 and $0.92, allowing for potential fluctuations. For the full fiscal year 2024, HP has slightly adjusted its targets set in Q1. The revised goal for GAAP diluted net EPS is $2.60 to $2.90, and $3.30 to $3.60 for non-GAAP. Free cash flow is forecasted to be between $3.1 billion and $3.6 billion for the entire fiscal year 2024.

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