HP Inc. Reports Fiscal 2024 Second Quarter Results

HP INC. AND SUBSIDIARIES CONSOLIDATED CONDENSED STATEMENTS OF EARNINGS (Unaudited) (In millions, except per share amounts)

	Six months ended
	April 30, 2024			April 30, 2023
Net revenue:^(a)
Products	$	24,462		$	25,193
Services		1,523			1,512
Total net revenue		25,985			26,705
Cost of revenue:^(a)
Products		19,195			20,146
Services		879			858
Total cost of net revenue		20,074			21,004
Research and development		835			813
Selling, general and administrative		2,845			2,728
Restructuring and other charges		134			341
Acquisition and divestiture charges		49			158
Amortization of intangible assets		161			171
Total cost and expenses		24,098			25,215
Earnings from operations		1,887			1,490
Interest and other, net		(297	)		(341	)
Earnings before taxes		1,590			1,149
(Provision for) benefit from taxes		(361	)		374
Net earnings	$	1,229		$	1,523

Net earnings per share:
Basic	$	1.24		$	1.54
Diluted	$	1.23		$	1.53

Cash dividends declared per share	$	0.55		$	0.53

Weighted-average shares used to compute net earnings per share:
Basic		990			990
Diluted		996			997

^{(a) Effective first quarter of fiscal 2024, HP presents consolidated net revenue and cost of revenue bifurcated between products and services. HP has reflected this change to its prior reporting periods on an as-if basis. The reporting change had no impact to previously reported segment net revenue, consolidated net revenue, earnings from operations, net earnings or net EPS. Services include revenues from support and maintenance contracts and other services, and excludes product hardware and supplies revenues associated with as-a-service offerings and instant ink subscriptions which are categorized within product revenues.}

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