HP, Inc. (NYSE: HPQ) on Tuesday reported a decline in earnings for the third quarter of 2023 when the computer hardware firm’s revenues dropped due to weak demand.
Third-quarter profit, excluding special items, decreased to $0.86 per share from $1.03 per share in the comparable period of last year. On a reported basis, net income was $766 million or $0.76 per share in Q3, compared to $1.05 billion or $1.08 per share last year.
At $13.20 billion, revenues were down 10% during the three-month period. Revenues of the main operating segments — Personal Systems and Printing — declined in the July quarter.