HP Q3 2023 results shows 9.9% decline in revenue 

Share post:

Hewlett-Packard (HP) has unveiled its Q3 2023 results, with a 9.9% drop in revenue.

CEO Enrique Lores says company is “delivering on its plan to drive sequential improvement.” He attributed the revenue decline to “aggressive pricing environment” and sluggish demand in China.

Lores also said he sees sequential growth in Q4, but he is moderating expectations for full year, and he plans to reduce structural costs by $1.4 billion while simplifying product portfolio and reduce number of platforms.

Lores reported Q3 net revenue of $13.2 billion, a 2 percent increase from the prior quarter. The consumer segment remains frail, while the SMB sector displays some resilience.

HP’s Q3 regional revenue exhibited an 8 percent decline in the Americas, a 5 percent drop in EMEA, and a 9 percent reduction in Asia-Pacific and Japan (APJ), driven primarily by China’s weakening demand.

The PC division’s revenue for this quarter was $8.9 billion, with a yearly decrease of 11 percent but a 9 percent increase over the prior quarter, attributed to back-to-school demand.

Print product revenue totaled $4.3 billion, reflecting a 7 percent year-on-year decline due to weakened demand in China, competitive consumer print market pricing, and deferred enterprise expenditure in the industrial sector.

HP also announced plans to reduce structural costs by $1.4 billion. This will involve simplifying the company’s product portfolio and reducing the number of platforms it supports.

Lores said that these cost-cutting measures are necessary to “weather the ongoing sluggish market conditions.” He added that HP is confident in its long-term growth prospects, and that the company is “making good progress” on its strategic priorities.

The sources for this piece include an article in TheRegister.


Related articles

VMWare revenue drops by $600 million but Broadcom assures investors growth plan is on track

In its first full quarter under Broadcom's ownership, VMware's revenue fell by $600 million, dropping to $2.7 billion....

Apple faces backlash over recent ads

Apple is currently facing significant public backlash due to a controversial advertisement featuring a hydraulic press crushing various...

 Google executives face employee concerns amid profitsurge

At a recent all-hands meeting, Google employees voiced significant concerns regarding morale, cost-cutting measures, and the impact of...

Spotify CEO confesses to “rough times after layoffs” – stock price rises

In December, Spotify CEO Daniel Ek announced the largest round of layoffs in the company's history, cutting 1,500...

Become a member

New, Relevant Tech Stories. Our article selection is done by industry professionals. Our writers summarize them to give you the key takeaways