Solid Q2 for HP reflects investment in Business Intelligence

HP Inc has reported Q2 revenue of USD$14.4bn (circa AUD$21bn), ‘up 9% from the the same period a year ago’. The company’s share price climbed after the results were released on 27th May, peaking at USD$26.14 before stabilising again at around the USD$25.01 mark (52-week high: USD$29.55, low: USD$17.56).

Bruce Broussard, interim CEO at HP Inc, said: “During the second quarter, we continued executing our future of work strategy through intelligent devices, edge AI, and connected experiences while navigating rising commodity costs. We introduced innovations across AI PCs, Z workstations, AI-powered print, and HP IQ that simplify work and improve productivity. These innovations reflect our progress in building intelligent devices and services that capture the value of AI at the edge and that support long-term growth.”

Amongst the innovations Broussard talked to are updates to its PrintOS Production Hub large-format software, including the new ‘AI Upscale Image’ feature that uses AI to enhance low-resolution images during file preparation, which the company showcased recently at FESPA Global Print Expo. Jeremy Brew, Sales Enablement – Greater Asia & India, Large Format Production for HP, says: “With HP’s PrintOS Production Hub, we essentially try to put ourselves in the shoes of someone running a print shop, and to address the biggest challenges that they face? We look at how we can use automation and AI to reduce the opportunities for errors and mistakes – to help printers avoid missed promises – or to resolve those bottlenecks in workflow. The Upscale Image feature is just one small, but important, example of this. If someone snaps a photo on their phone, but then decides that they want that picture on their wall, or perhaps as the hero image for a new ad campaign, the AI image Upscale tool can take that low-res image and use AI to create layers and layers of pixels behind it, to a point that the image quality is every bit as good as – and as usable in print as – a high res version.”

In spite of this uplift, HP’s Printing segment net revenue has remained flat at USD$4.2bn in Q2 (down 2% in constant currency) with an 18.3% operating margin. Consumer printing net revenue was down 10% while commercial printing net revenue was flat. Supplies net revenue was up 1% (flat in constant currency). Total hardware units were down 7%, with consumer printing units down 8% and commercial printing units down 4%.

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