Q2 2024 HP Inc Earnings Call Transcript
Key Points
- HP Inc (HPQ) delivered non-GAAP operating profit and non-GAAP EPS growth on a sequential and year-over-year basis.
- Personal Systems returned to growth for the first time in 8 quarters, indicating market stabilization.
- HP Inc (HPQ) showcased over 100 AI-enabled solutions at their Amplify Partner Conference, driving long-term growth.
- The company announced a strategic collaboration with NVIDIA to integrate their pretrained models and software into HP's AI Studio tools.
- HP Inc (HPQ) introduced the world's most powerful ultra-mobile next-gen AI PCs, receiving positive initial reactions.
- Net revenue was down 1%, continuing a trend of decline, although the rate of decline has slowed.
- Print revenue was down 8% year-over-year, with soft demand particularly in China and parts of Europe.
- The pricing environment remains competitive, especially in the consumer and commercial print sectors.
- Total hardware units in Print decreased 17% year-over-year, driven by lower volumes and weak demand.
- HP Inc (HPQ) continues to face challenges in the China market, with no improvement in demand for both Print and Personal Systems.
Good day, everyone, and welcome to the Second Quarter 2024 HP Inc. Earnings Conference Call. My name is Eric, and I'll be your conference moderator for today's call. (Operator Instructions) As a reminder, this conference is being recorded for replay purposes.
I would now like to turn the call over to Orit Keinan-Nahon, Head of Investor Relations. Please go ahead.
Good afternoon, everyone, and welcome to HP's Second Quarter 2024 Earnings Conference Call. With me today are Enrique Lores, HP's President and Chief Executive Officer; and Tim Brown, HP's Interim Chief Financial Officer.
Before handing the call over to Enrique, let me remind you that this call is webcast and a replay will be available on our website shortly after the call for approximately 1 year. We posted the earnings release and accompanying slide presentation on our Investor Relations web page at investor.hp.com.
As always, elements of this presentation are forward-looking and are based on our
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