The Strategist

HP's net profit halves in 2021-22 fiscal year

11/23/2022 - 09:39

According to the company, HP Inc.'s net profit for the fiscal year that ended on October 31 of 2021–2022 was $ 3.203 billion, which is a two-fold decrease from the level of the prior financial year.

Don DeBold
Don DeBold
For the period, diluted earnings per share were $3.05 as opposed to $5.33 in the previous year. The company's revenue for the fiscal year were 62.983 billion dollars, a decline of less than 1%.

The business reported a $2 million loss for the fourth quarter compared to a $3.099 billion profit in the same period last year.

Adjusted diluted profits per share came in at $0.85, in line with estimates. The business's revenue dropped by 11.2% to $14.801 billion in the fourth quarter. Analysts anticipated $14.84 billion in quarterly revenue.

About 70% of the company's total sales comes from Personal Systems (the personal computer systems division), which saw a year-over-year decline of 13% in the quarter to $10.267 billion.