The company has reported the first quarter results for the fiscal year 2023, with revenues down 18.8% year-over-year.
Net revenues for the reporting period were $13.8 billion (€12.9 billion), down 18.8% from the prior-year period.
Personal Systems (PS) net revenue was $9.2 billion (€8.6 billion), down 24% year-over-year with a 5.4% operating margin. Consumer PS net revenue decreased 36% and Commercial PS net revenue decreased 18%. Total units were down 28% with Consumer PS units down 33% and Commercial PS units down 24%.
Printing net revenue was $4.6 billion (€4.3 billion), down 5% year-over-year with a 18.9% operating margin. Consumer Printing net revenue was down 3% and Commercial Printing net revenue was up 2%. Supplies net revenue was down 7%. Total hardware units were up 2% overall, with Consumer Printing units up 3% and Commercial Printing units down 8%.
“We delivered on our non-GAAP EPS target despite industry-wide headwinds, reflecting disciplined execution across our business,” said Enrique Lores, HP President and CEO. “The Future Ready plan we announced last quarter is having an immediate impact, as we continue to reduce our costs while maintaining investments in long-term growth.”
Effective first quarter of fiscal 2023, HP realigned the Personal Systems business units reporting structure into Commercial PS and Consumer PS to align with its customer market segmentation. HP has reflected this change to its prior reporting periods on an as-if basis. The reporting change had no impact to previously reported segment net revenue and segment earnings from operation, consolidated net revenue, net earnings or net EPS.
