HP reports last quarter’s earnings
Total net revenue down 11.2% to $14.8 billion
- Printing division revenue down 7.1% to $4.533 billion (includes PPS, MFPs, printers, etc.)
- Non-GAAP operating profit of $903 million
- Profit from this division is 66% of total company
- Supplies revenue down 10%
- Total hardware units down 3%
- Commercial revenue up 1%
- Consumer revenue down 7%
- Personal Systems division revenue down 13% to $10.267 billion
- Non-GAAP operating profit of $458 million
- Plans to reduce total headcount by as much as 6,000 employees by end of 2025
- Plans for $1 billion in restructuring charges
- “portfolio optimization” will focus on businesses where HP can be #1 or #2 over next 3 years
- (3 years ago HP cut up to 9,000 employees in last reorg)