HP Inc HPQ shares are trading lower after the company reported Q4 FY23 results.
Net revenue fell 6.5% Y/Y to $13.817 billion, beating the consensus of $13.807 billion.
Personal Systems' net revenue fell 8% Y/Y (-7% Y/Y in constant currency) to $9.4 billion, with an operating margin of 6.7%.
Consumer PS net revenue declined 1% Y/Y, and Commercial PS net revenue was down 11% Y/Y.
Total units were flat Y/Y, with Consumer PS units up 9% and Commercial PS units down 6% in the quarter.
Adjusted EPS of $0.90 was in line with the consensus.
Operating cash flow stood at $3.6 billion and free cash flow of $3.1 billion in FY23.
HP returned $100 million through share repurchases and $1.0 billion via dividends in FY23.
The board of directors has declared a quarterly cash dividend of $0.2756 per share, payable on January 4, 2024, an increase of 5% from the prior dividend.
Outlook: HPQ expects Q1 EPS of $0.76-$0.86 vs. consensus of $0.78 and FY24 EPS of $3.25-$3.65 vs. $3.16 estimate.
Price Action: HPQ shares are trading lower by 2.37% at $27.21 premarket on the last check Wednesday.
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