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Aug 29, 2024 6:30 AM

HP Inc. Tightens The Belt: Mixed Q3 Results And Cautious FY24 Outlook

HP Inc. (NYSE:HPQ) shares are trading lower after it reported third-quarter results. Net revenue rose 2.4% Y/Y to $13.52 billion, beating the consensus of $13.38 billion.

By segment, Personal Systems net revenue rose 5% Y/Y to $9.4 billion with a 6.4% operating margin, and Printing net revenue fell 3% Y/Y to $4.1 billion with an operating margin of 17.3%.

In Personal Systems segment, total units increased by 1%, with Consumer PS units down 6% and Commercial PS units up 6%.

Adjusted operating margin contracted 70 bps Y/Y to 8.1% in the quarter. Adjusted EPS declined 3% Y/Y to $0.83,