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HP Inc. (HPQ+0.85%) has submitted its Annual Report on Form 10-K filing for the fiscal year ended October 31, 2024.
The filing includes financial statements for the year, with total net revenue of $53.6 billion, a slight decrease from $53.7 billion in the previous year. The decrease in revenue was primarily attributed to lower hardware units in Printing and competitive pricing pressures.
HP's Personal Systems segment reported net revenue of $36.2 billion, a 1.4% increase from the previous year, driven by a 3.3% increase in PC unit volume, despite a 1.4% decrease in average selling prices.
The Printing segment reported a 3.8% decrease in net revenue to $17.3 billion, impacted by a decline in Supplies and Commercial Printing, as well as competitive pricing from Japanese competitors.
HP's gross margin increased to 22.1%, up from 21.4% the previous year, primarily due to lower supply chain costs and cost savings initiatives.
Operating expenses totaled $8 billion, consistent with the previous year, with increases in research and development and selling, general, and administrative expenses offset by lower restructuring and acquisition charges.
HP reported net earnings of $2.8 billion, down from $3.3 billion in the previous year, with an effective tax rate of 15.4%, reflecting changes in valuation allowances and favorable tax rates in certain jurisdictions.
HP's Future Ready Plan, announced in November 2022, continues to focus on digital transformation, portfolio optimization, and operational efficiency, with expected cumulative savings targets accelerated for fiscal year 2024.
The company maintains a strong liquidity position with $3.2 billion in cash and cash equivalents and total debt of $9.7 billion as of October 31, 2024.
HP returned $3.2 billion to shareholders in fiscal year 2024 through share repurchases and dividends, with a remaining share repurchase authorization of $9.3 billion.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the HP Inc. annual 10-K report dated December 13, 2024. To report an error, please email earnings@qz.com.