HP has reported a revenue of $13.2bn for Q3 2023, down 9.9% on Q3 2022. President and CEO Enrique Lores, pointed out that while sales were however up on Q2 2023, and that though the company expects further growth in Q4, it is “moderating expectations”.
Printing net revenue was $4.3bn, down 7% year on year (down 5% in constant currency) with an 18.6% operating margin. Consumer printing net revenue was down 28% and commercial printing net revenue was down 6%. Supplies net revenue was down 2% (flat in constant currency). Total hardware units were down 19% overall, with consumer printing units down 20% and commercial printing units down 8%.
Personal systems net revenue was $8.9bn, down 11% year on year (down 8% in constant currency) with a 6.6% operating margin. Consumer PS net revenue was down 12% and commercial PS net revenue was down 11%. Total units were up 3% with consumer PS units up 8% and commercial PS units flat.
“We delivered a solid quarter of sequential growth, combining strong innovation with disciplined execution to gain profitable PC market share and achieve our non-GAAP EPS target,” said Lores. “While we expect another quarter of sequential growth in Q4, the external environment has not improved as quickly as anticipated and we are moderating our expectations as a result. We remain confident in our ability to drive long-term growth and value creation as we focus on the things we can control and make continued progress against our Future Ready plan.”
