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Commercial printing revenue decreases for HP in 2023

In fiscal 2023, HP and its subsidiaries made net revenue of US$53.7 billion, down 15 per cent from the prior-year period.

“2023 was a year of steady progress. We executed well in a tough market and innovated in our key growth areas to finish the year with good momentum,” said Enrique Lores, HP president and CEO. “Our Future Ready plan is positioning us well to capitalize on attractive opportunities across our portfolio and deliver long-term sustainable growth.”

Printing net revenue was $4.4 billion, down three per cent YoY. Consumer printing net revenue was down 21 per cent and commercial printing net revenue was down four per cent. Total hardware units were down 19 per cent with consumer printing units down 18 per cent and commercial printing units down 24 per cent.

For the fiscal 2024 first quarter, HP estimates GAAP diluted net EPS to be in the range of $0.60 to $0.70 and non-GAAP diluted net EPS to be in the range of $0.76 to $0.86. HP anticipates generating free cash flow in the range of US$3.1 to US$3.6 billion.