HP Inc. and its subsidiaries (HP) announced fiscal 2024 first quarter net revenue of $13.2 billion (€12.18 billion), down 4.4% year-on-year.
Personal Systems net revenue was $8.8 billion (€8.12 billion), down 4% year-over-year with a 6.1% operating margin. Consumer PS net revenue was down 1% and Commercial PS net revenue was down 5%. Total units were up 5% with Consumer PS units up 10% and Commercial PS units up 2%.
Printing net revenue was $4.4 billion (€4.06 billion), down 5% year-over-year with a 19.9% operating margin. Consumer Printing net revenue was down 22% and Commercial Printing net revenue was down 12%. Supplies net revenue was flat (up 1% in constant currency). Total hardware units were down 17%, with Consumer Printing units down 15% and Commercial Printing units down 18%.
“Our Q1 results reflect continued progress against our Future Ready plan,” said Enrique Lores, HP President and CEO. “We are bringing terrific innovation to our customers while driving disciplined execution across every facet of the business. As a result, we delivered solid earnings growth this quarter and we are well positioned to accelerate as the market recovers.”
