HP said net revenue for the 3 months ended January 31, 2024 decreased 4.4% (4.9% on a constant currency basis) from the prior-year period. U.S. net revenue fell 7.0% to $4.4 billion, and net revenue from international operations fell 3.1% to $8.8 billion.

10-QQuarterly reportFiled Feb 28, 2024Period of report Jan 31, 2024Summary published (UTC) Oct 24, 2026

Key points

AI summary

HP said net revenue for the 3 months ended January 31, 2024 decreased 4.4% (4.9% on a constant currency basis) from the prior-year period. U.S. net revenue fell 7.0% to $4.4 billion, and net revenue from international operations fell 3.1% to $8.8 billion.
The company said Personal Systems net revenue fell 4.1% in the same quarter, with ASPs down 7.5%, while commercial and consumer client PC unit volume rose 5.1%. Printing net revenue fell 5.1%, and printer unit volume declined 16.5%.
Gross margin rose 1.7 percentage points in the same quarter, HP said, mainly driven by lower commodity and logistics costs, favorable foreign currency impacts and cost savings in products gross margin, which were partially offset by competitive pricing.
HP said it returned a total of $0.8 billion to shareholders in the same quarter, consisting of cash dividends of $0.3 billion and share repurchases of $0.5 billion. As of January 31, 2024, about $1.5 billion remained under share repurchase authorizations, and outstanding borrowings totaled $9.7 billion.

Key figures

Quarter ended January 31, 2024

Revenue: $13.2B
Operating income: $935M
Net income: $622M
EPS: $0.62
Gross profit: $2.9B
Operating cash flow: $121M

From the XBRL financial data filed with the SEC · not processed by AI.

Summary

AI-written

Analysis scope · Management's discussion (MD&A)We analyzed the Management's Discussion and Analysis (MD&A) section. Other sections of the report, such as the notes to the financial statements and risk factors, were not reviewed.

Net revenue down 4.4% in quarter

HP said net revenue for the 3 months ended January 31, 2024 decreased 4.4% (4.9% on a constant currency basis) from the prior-year period. U.S. net revenue fell 7.0% to $4.4 billion, and net revenue from international operations fell 3.1% to $8.8 billion.

Source · Based on the MD&A text of the filing

Personal Systems and Printing net revenue

The company said Personal Systems net revenue fell 4.1% in the same quarter, with ASPs down 7.5%, while commercial and consumer client PC unit volume rose 5.1%. Printing net revenue fell 5.1%, and printer unit volume declined 16.5%.

Source · Based on the MD&A text of the filing

Gross margin up 1.7 percentage points

Gross margin rose 1.7 percentage points in the same quarter, HP said, mainly driven by lower commodity and logistics costs, favorable foreign currency impacts and cost savings in products gross margin, which were partially offset by competitive pricing.

Source · Based on the MD&A text of the filing

Shareholder returns of $0.8 billion and outstanding borrowings

HP said it returned a total of $0.8 billion to shareholders in the same quarter, consisting of cash dividends of $0.3 billion and share repurchases of $0.5 billion. As of January 31, 2024, about $1.5 billion remained under share repurchase authorizations, and outstanding borrowings totaled $9.7 billion.

Source · Based on the MD&A text of the filing

AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.

Original filing

The filing as submitted to SEC EDGAR. You can check the figures and statements of this summary against it.

View the original filing on SEC EDGAR ↗

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