HP Inc. (HP) has announced its financial results for first quarter 2016 (Q1 2016), reporting a 12% year-over-year (YOY) decline in net revenue from $13.9 billion to $12.2 billion.
Also in HP’s first quarter:
non-GAAP diluted net earnings per share from continuing operations of $0.36 – within the previously provided outlook of $0.33 to $0.38 per share
GAAP diluted net earnings per share from continuing operations of $0.36 – above the previously provided outlook of $0.27 to $0.32 per share
Returned more than $1.0 billion to shareholders in the form of share repurchases and dividends
Net cash used in operating activities was $108 million
Personal Systems net revenue was down 13% year over year (down 6% in constant currency) with a 3.1% operating margin. Commercial net revenue decreased 11% and Consumer net revenue decreased 16%. Total units were down 13% with Notebooks units down 8% and Desktops units down 13%.
Printing net revenue was down 17% year over year (down 11% in constant currency) with a 17.0% operating margin. Total hardware units were down 20% with Commercial hardware units down 15% and Consumer hardware units down 23%. Supplies revenue was down 14% (down 8% in constant currency).
Dion Weisler, HP's President and CEO, said, "We have a clear strategy that leverages our strengths, and we are focused on execution, taking cost out of the business and delivering innovations that will amaze our customers and partners. Although we have some tough quarters ahead, I am confident in the future."
More information at: www8.hp.com
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