HP Inc. Reports Fiscal 2019 Second Quarter Results

  Six months ended
  April 30, 2019  April 30, 2018
Net revenue:(a)   
Personal Systems$18,578  $18,202 
Printing10,172  10,317 
Corporate Investments1  2 
Total segments28,751  28,521 
Other(5) (1)
Total net revenue$28,746  $28,520 
    
Earnings before taxes:(a),(b)

   
Personal Systems$795  $664 
Printing1,660  1,636 
Corporate Investments(48) (40)
Total segment earnings from operations2,407  2,260 
Corporate costs and eliminations(177) (78)
Stock-based compensation expense(173) (148)
Restructuring and other charges(124) (88)
Acquisition-related charges(21) (87)
Amortization of intangible assets(58) (40)
Interest and other, net(71) (831)
Earnings before taxes$1,783  $988 
  1. Effective at the beginning of its first quarter of fiscal year 2019, HP implemented an organizational change to align its business unit financial reporting more closely with its current business structure. The organizational change resulted in the transfer of certain Samsung-branded product categories from Commercial to Consumer within the Printing segment. HP reflected this change to its business unit information in 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.
     
  2. Pursuant to adoption of ASU 2017-07 in the first quarter of fiscal year 2019, HP now reclassifies market-related retirement credits and all other components (excluding service cost component) of net periodic benefit cost to Interest and other, net in Consolidated Condensed Statement of Earnings. HP reflected this change in prior reporting periods on an as-if basis. 


 HP INC. AND SUBSIDIARIES
SEGMENT/BUSINESS UNIT INFORMATION
(Unaudited)
(In millions)
 


  Three months ended  Change (%)
  April 30, 2019  January 31, 2019  April 30, 2018  Q/Q  Y/Y
Net revenue:(a)         
Personal Systems         
Notebooks$5,099  $5,919  $5,153  (14)% (1)%
Desktops2,940  2,857  2,752   3 %   7 %
Workstations 569     562     538     1 %   6 %
Other 313     319     319     (2 )%   (2 )%
Total Personal Systems 8,921     9,657     8,762     (8 )%   2 %
Printing                  
Supplies 3,331     3,267     3,434     2 %   (3 )%
Commercial Hardware 1,179     1,090     1,145     8 %   3 %
Consumer Hardware 606     699     662     (13 )%   (8 )%
Total Printing 5,116     5,056     5,241     1 %   (2 )%
Corporate Investments (b)     1     1     NM   NM
Total segments 14,037     14,714     14,004     (5 )%   %
Other (b) (1 )   (4 )   (1 )   NM   NM
Total net revenue $ 14,036     $ 14,710     $ 14,003     (5 )%   %
  1. Effective at the beginning of its first quarter of fiscal year 2019, HP implemented an organizational change to align its business unit financial reporting more closely with its current business structure. The organizational change resulted in the transfer of certain Samsung-branded product categories from Commercial to Consumer within the Printing segment. HP reflected this change to its business unit information in 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.

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