HP Inc. Reports Fiscal 2024 Second Quarter Results

HP INC. AND SUBSIDIARIES SEGMENT/BUSINESS UNIT INFORMATION (Unaudited) (In millions)

	Six months ended						Change (%)
	April 30, 2024			April 30, 2023			Y/Y
Net revenue:
Commercial PS	$	12,287		$	12,298		—%
Consumer PS		4,948			5,056		(2)%
Personal Systems		17,235			17,354		(1)%
Supplies		5,727			5,863		(2)%
Commercial Printing^(a)		2,432			2,761		(12)%
Consumer Printing^(a)		584			724		(19)%
Printing		8,743			9,348		(6)%
Corporate Investments ^(b)		7			4		NM
Total segment net revenue		25,985			26,706		(3)%
Other ^(b)		—			(1	)	NM
Total net revenue	$	25,985		$	26,705		(3)%

Earnings before taxes:
Personal Systems	$	1,045		$	906
Printing		1,701			1,769
Corporate Investments		(67	)		(71	)
Total segment earnings from operations		2,679			2,604
Corporate and unallocated cost and other		(177	)		(182	)
Stock-based compensation expense		(271	)		(262	)
Restructuring and other charges		(134	)		(341	)
Acquisition and divestiture charges		(49	)		(158	)
Amortization of intangible assets		(161	)		(171	)
Interest and other, net		(297	)		(341	)
Total earnings before taxes	$	1,590		$	1,149

^{(a) Effective at the beginning of its first quarter of fiscal 2024, HP realigned its business unit financial reporting more closely with its customer market segmentation. The realignment resulted in the transfer of LaserJet printers net revenues from Consumer Printing to Commercial Printing. HP reflected this change to its business unit information in prior reporting periods on an as-if basis which resulted in the reclassification of net revenues from Consumer Printing to Commercial Printing. The reporting change had no impact to previously reported segment net revenue, consolidated net revenue, earnings from operations, net earnings or net earnings per share.}
^{(b) "NM" represents not meaningful.}

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