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2020.10.12-16

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HP down 11.2% in Q2 but growing interest in 3D printing and digital manufacturing

HP and subsidiaries announced fiscal 2020 second quarter net revenue of $12.5 billion, down 11.2% from the prior-year period, with $0.4 billion returned to shareholders. “The COVID-19 pandemic has created unprecedented global health and economic challenges,” said a company statement. 

 

“The strength of HP’s diversified portfolio, go-to-market capabilities and balance sheet position us well to navigate macroeconomic challenges and drive long-term value creation,” said Enrique Lores, HP’s president and CEO. “We are seeing strong demand from our customers in notebook PC orders and Instant Ink subscriptions, as well as growing interest in 3D printing and digital manufacturing in key verticals such as healthcare. The current environment will be a catalyst for transformation and innovation across HP.

“From the start of the crisis, HP’s number one priority has been the health and well-being of our employees. At the same time, we have marshalled our technology and resources to help address urgent needs in our communities.

“HP and its partners have to-date produced an estimated 2.3 million 3D printed parts for face shields, face masks, respirators, ventilators, and other items for distribution to hospitals. We have leveraged the scale of our global supply chain to source and distribute face masks to medical facilities facing shortages. We have launched a series of global education partnerships to make it easier for teachers and students to connect from a distance.

“Together with the HP Foundation, we are donating millions of dollars in products and grants to support response and relief efforts.”

Fiscal 2020 second quarter segment results

Personal Systems net revenue was down 7% year over year. Total units were down 5% with Notebooks units up 5% and Desktops units down 23%.

Printing net revenue was down 19% year over year with a 13.2% operating margin. Total hardware units were down 23% with Commercial hardware units down 25% and Consumer hardware units down 22%. Supplies net revenue was down 15%.

Outlook

“For fiscal 2020, given the level of uncertainty around the duration of the pandemic, the timing and pace of economic recovery and the potential impact of a resurgence in cases, HP anticipates a much wider range of outcomes for the year,” Lores said. “As a result, HP will not be providing an outlook for the fiscal year 2020.”