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HP Inc. Reports Fiscal 2Q 2022 Results

Second quarter net revenue was $16.5 billion, up 3.9% from the prior-year period.

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By: DAVID SAVASTANO

Contributing Editor, Coatings World and Ink World, Coatings World and Ink World Magazine

HP reported its second quarter 2022 financial resuts.

HP Inc. and its subsidiaries announced fiscal 2022 second quarter net revenue of $16.5 billion, up 3.9% (up 4.9% in constant currency) from the prior-year period. HP’s net cash provided by operating activities in the second quarter of fiscal 2022 was $0.5 bil-lion. HP generated $0.4 billion of free cash flow in the second quarter.

“We delivered a solid quarter of revenue and non-GAAP EPS growth, while returning sig-nificant capital to shareholders,” said Enrique Lores, HP president and CEO. “Collectively, our key growth businesses grew double digits and drove $5.6 billion in revenue in the first half of the year. Our consistent performance in the face of a volatile macro environ-ment gives us confidence in our plans to build a stronger HP.”

Personal Systems net revenue was $11.5 billion, up 9% year over year (up 11% in con-stant currency) with a 6.9% operating margin. Consumer net revenue decreased 6% and Commercial net revenue increased 18%. Total units were down 17% with Notebooks units down 23% and Desktops units up 11%.

Printing net revenue was $5 billion, down 7% year over year (down 6% in constant cur-rency) with a 19.3% operating margin. Consumer net revenue was down 12% and Com-mercial net revenue was down 4%. Supplies net revenue was down 6% (down 6% in constant currency). Total hardware units were down 23% with Consumer units down 24% and Commercial units down 17%.  

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