HP Inc. has reported its financial results of the first quarter for the fiscal year 2017. According to the results, the OEM’s total net revenue in the first quarter is US $12.7 billion, a 4% increase compared to the same period in the previous year. It also shows that 64% of the total net revenue came from non-US areas.
For printing segment, the net revenue of the segment has seen a decline of 3% to US $4,483 million, but delivered a 16% operating margin. The printing segment consists of the hardware units and the print supplies unit. While the total hardware units rose 6% (commercial hardware units was up 2 %, and the consumer hardware units was up 7%) on net revenue, print supplies is y-o-y 3% lower.
HP expects that by the end of fiscal year 2017, print supplies revenue trajectory will stabilize in constant currency. It also reveals that the acquisition of Samsung’s Printer Business is expected to close in the second half of 2017.
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“In Q1, we delivered earnings at the high end of our outlook range with strong free cash flow, driven by relentless execution and innovation,” said Dion Weisler, president and CEO, HP Inc. “We are confident in our ability to manage our business and deliver our FY17 financial commitments.”
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