HP Inc. Reports Fiscal 2Q 2022 Results

HP reported its second quarter 2022 financial resuts.

HP Inc. and its subsidiaries announced fiscal 2022 second quarter net revenue of $16.5 billion, up 3.9% (up 4.9% in constant currency) from the prior-year period. HP’s net cash provided by operating activities in the second quarter of fiscal 2022 was $0.5 bil-lion. HP generated $0.4 billion of free cash flow in the second quarter.

“We delivered a solid quarter of revenue and non-GAAP EPS growth, while returning sig-nificant capital to shareholders,” said Enrique Lores, HP president and CEO. “Collectively, our key growth businesses grew double digits and drove $5.6 billion in revenue in the first half of the year. Our consistent performance in the face of a volatile macro environ-ment gives us confidence in our plans to build a stronger HP.”

Personal Systems net revenue was $11.5 billion, up 9% year over year (up 11% in con-stant currency) with a 6.9% operating margin. Consumer net revenue decreased 6% and Commercial net revenue increased 18%. Total units were down 17% with Notebooks units down 23% and Desktops units up 11%.

Printing net revenue was $5 billion, down 7% year over year (down 6% in constant cur-rency) with a 19.3% operating margin. Consumer net revenue was down 12% and Com-mercial net revenue was down 4%. Supplies net revenue was down 6% (down 6% in constant currency). Total hardware units were down 23% with Consumer units down 24% and Commercial units down 17%.