HP Inc. Reports Fiscal 2024 Third Quarter Results

HP INC. AND SUBSIDIARIES CONSOLIDATED CONDENSED STATEMENTS OF EARNINGS (Unaudited) (In millions, except per share amounts)

	Nine months ended
	July 31, 2024			July 31, 2023
Net revenue:^(a)
Products	$	37,212		$	37,615
Services		2,292			2,286
Total net revenue		39,504			39,901
Cost of net revenue:^(a)
Products		29,359			30,085
Services		1,328			1,293
Total cost of net revenue		30,687			31,378
Research and development		1,248			1,167
Selling, general and administrative		4,249			4,031
Restructuring and other charges		180			416
Acquisition and divestiture charges		71			205
Amortization of intangible assets		242			262
Total costs and expenses		36,677			37,459
Earnings from operations		2,827			2,442
Interest and other, net		(410	)		(357	)
Earnings before taxes		2,417			2,085
(Provision for) benefit from taxes		(548	)		204
Net earnings	$	1,869		$	2,289

Net earnings per share:
Basic	$	1.90		$	2.31
Diluted	$	1.88		$	2.29

Cash dividends declared per share	$	1.10		$	1.05

Weighted-average shares used to compute net earnings per share:
Basic		986			991
Diluted		994			999

(a) Effective first quarter of fiscal 2024, HP presents consolidated net revenue and cost of net 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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