The Office Times

HP Inc reports decline in printing revenue

HP Inc. announced fiscal 2020 first quarter net revenue of $14.6 billion, down 0.6% from the prior-year period.

Printing net revenue was down 7% year over year with a 16.0% operating margin. Total hardware units were down 10%. Commercial hardware revenue was down 1% and Consumer hardware revenue was down 13%. Supplies net revenue was down 7%.

“Our Q1 results reflect a business that is strong and getting stronger. Our non-GAAP EPS growth of 25% was significantly above our guided range, driven by tremendous execution against our strategic priorities,” said Enrique Lores, President and CEO, HP Inc. “This is a team at the top of its game, combining the industry’s best innovation with disciplined execution and cost management to deliver for our shareholders. We have great confidence in our plans and are raising our full-year earnings outlook.”

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