HP Inc. Reports Fiscal 2023 Third Quarter Results

HP revised its prior period financial statements for an accounting correction related to a revenue contract in the Personal Systems segment. The impact of these revisions was not material to HP’s previously filed financial statements. See "Notes to the Consolidated Condensed Financial Statements, “Note 1. Basis of Presentation” and "Note 14. Revision of Prior Period Financial Statements” included in the Quarterly Report on Form 10-Q for the quarter ended July 31, 2023, to be filed with the SEC. As a result of this, the Company is currently assessing the nature of any deficiency in its internal control over financial reporting. In connection with these revisions, the Company has also corrected the timing of other unrelated immaterial adjustments which were previously made in the periods the Company identified them.


 
HP INC. AND SUBSIDIARIES
CONSOLIDATED CONDENSED STATEMENTS OF EARNINGS
(Unaudited)
(In millions, except per share amounts)
 
  Nine months ended
  July 31, 2023  July 31, 2022
Net revenue$39,901  $48,136 
Costs and expenses:   
Cost of revenue 31,378   38,564 
Research and development 1,167   1,271 
Selling, general and administrative 4,030   4,074 
Restructuring and other charges 416   148 
Acquisition and divestiture charges 206   84 
Amortization of intangible assets 262   154 
Russia exit charges        23  
Total costs and expenses   37,459       44,318  
Earnings from operations   2,442       3,818  
Interest and other, net   (357 )     (141 )
Earnings before taxes   2,085       3,677  
Benefit from (provision for) taxes   204       (522 )
Net earnings $ 2,289     $ 3,155  
       
Net earnings per share:      
Basic $ 2.31     $ 3.00  
Diluted $ 2.29     $ 2.97  
       
Cash dividends declared per share $ 1.05     $ 1.00  
       
Weighted-average shares used to compute net earnings per share:      
Basic   991       1,052  
Diluted   999       1,064  

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