Computer hardware company HP, Inc. (NYSE: HPQ) on Tuesday reported a decrease in fourth-quarter earnings and revenues as demand conditions remained unfavorable.
Fourth-quarter earnings, adjusted for special items, dropped to $0.85 per share from $0.94 per share in the corresponding period of last year. On a reported basis, the bottom line was breakeven in the three-month period, compared to net income of $3.1 billion or $2.71 per share in the fourth quarter of 2021.
Check this space to read management/analysts’ comments on HP’s Q4 report
At $14.8 billion, revenues were down 11% in the final three months of fiscal 2022. For the first quarter of 2023, the management expects adjusted earnings per share to be in the range of $0.70 to $0.80.
“We had a solid end to our fiscal year despite navigating a volatile macro-environment and softening demand in the second half. In Q4 we delivered on our non-GAAP EPS target, while also completing our three-year value creation plan and exceeding our key metrics,” said HP’s CEO Enrique Lores.