HP Inc. Reports Fiscal 2024 Full Year and Fourth Quarter Results

(a) Effective first quarter of fiscal 2024, HP presents consolidated net revenue and cost of net 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 earnings per share ("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.
   


HP INC. AND SUBSIDIARIES
CONSOLIDATED CONDENSED STATEMENTS OF EARNINGS
(Unaudited)
(In millions, except per share amounts)
 
  Twelve months ended
  October 31, 2024  October 31, 2023
Net revenue:(a)   
Products$50,453  $50,660 
Services 3,106   3,058 
Total net revenue 53,559   53,718 
Cost of net revenue:(a)   
Products 39,952   40,484 
Services 1,789   1,726 
Total cost of net revenue 41,741   42,210 
Research and development 1,640   1,578 
Selling, general and administrative   5,658       5,357  
Restructuring and other charges   301       527  
Acquisition and divestiture charges   83       240  
Amortization of intangible assets   318       350  
Total costs and expenses   49,741       50,262  
Earnings from operations   3,818       3,456  
Interest and other, net   (539 )     (519 )
Earnings before taxes   3,279       2,937  
(Provision for) benefit from taxes   (504 )     326  
Net earnings $ 2,775     $ 3,263  
       
Net earnings per share:      
Basic $ 2.83     $ 3.29  
Diluted $ 2.81     $ 3.26  
       
Cash dividends declared per share $ 1.10     $ 1.05  
       
Weighted-average shares used to compute net earnings per share:      
Basic   979       992  
Diluted   989       1,000  



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