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HP reported a sharp year-over-year decline in revenue this quarter. Nevertheless, the PC manufacturer exceeds external expectations. PC sales are down and HP knew it too. The company’s
HP reported a sharp year-over-year decline in revenue this quarter. Nevertheless, the PC manufacturer exceeds external expectations.
PC sales are down and HP knew it too. The company’s quarterly revenue for the first quarter of fiscal 2023 falls to $13.8 billion, down about 18.8 percent from the $17 billion the company earned in the same period in 2022. Profit fell from $1.1 billion to $486 million. Still, that’s not bad news: HP is doing better than Wall Street analysts expected.
The PC and laptop division collects the majority of the cents with a turnover of 9.2 billion US dollars. That is 24 percent less than in the previous year. Somewhat surprisingly, the printer business has held up best. He was good for $ 4.6 billion, almost five percent less than last year. In addition, HP’s profit margin on printers increased slightly.
HP sees the main impact of macroeconomic challenges. To that end, the company is working on a restructuring that will put 10 percent of its global workforce out of work. According to CEO Enrique Lores, the restructuring is bearing fruit immediately. At first glance, HP seems well positioned to weather the economic recession smoothly.
Source: IT Daily
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