HP Inc. Reports Fiscal 2024 Second Quarter Results

HP INC. AND SUBSIDIARIES
CONSOLIDATED CONDENSED STATEMENTS OF EARNINGS
(Unaudited)
(In millions, except per share amounts)
 
  Six months ended
  April 30, 2024  April 30, 2023
Net revenue:(a)   
Products$24,462  $25,193 
Services 1,523   1,512 
Total net revenue 25,985   26,705 
Cost of revenue:(a)   
Products 19,195   20,146 
Services 879   858 
Total cost of net revenue 20,074   21,004 
Research and development 835   813 
Selling, general and administrative 2,845   2,728 
Restructuring and other charges   134       341  
Acquisition and divestiture charges   49       158  
Amortization of intangible assets   161       171  
Total cost and expenses   24,098       25,215  
Earnings from operations   1,887       1,490  
Interest and other, net   (297 )     (341 )
Earnings before taxes   1,590       1,149  
(Provision for) benefit from taxes   (361 )     374  
Net earnings $ 1,229     $ 1,523  
       
Net earnings per share:      
Basic $ 1.24     $ 1.54  
Diluted $ 1.23     $ 1.53  
       
Cash dividends declared per share $ 0.55     $ 0.53  
       
Weighted-average shares used to compute net earnings per share:      
Basic   990       990  
Diluted   996       997  
 
(a) Effective first quarter of fiscal 2024, HP presents consolidated net revenue and cost of revenue bifurcated between products and services. HP has reflected this change to its prior reporting periods on an as-if basis. The reporting change had no impact to previously reported segment net revenue, consolidated net revenue, earnings from operations, net earnings or net EPS. Services include revenues from support and maintenance contracts and other services, and excludes product hardware and supplies revenues associated with as-a-service offerings and instant ink subscriptions which are categorized within product revenues.
 



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