HP has announced its financial results for the fiscal year ending in October 31, 2023. The company reported net earnings of $1 billion on revenues of $13.8 billion for the quarter, with a year-over-year decline of 6.5 percent. For the entire fiscal year, HP earned $3.3 billion on revenues of $53.7 billion, representing an 8 percent gain in net earnings and a 14.6 percent decline in revenues.

Enrique Lores, HP’s president and CEO, commented that 2023 was a year of steady progress, and the company executed well in a challenging market to finish with good momentum. HP’s Future Ready plan aims to position the company for long-term sustainable growth.

The company’s Personal Systems business delivered net revenues of $9.4 billion in the quarter, reflecting an 8 percent year-over-year decline. Total unit sales remained flat, with consumer units up by 9 percent and commercial units down by 6 percent. For the entire year, Personal Systems revenues declined by 18.9 percent year-over-year.

HP’s Printing business earned $4.4 billion in revenues for the quarter, representing a 3 percent decline year-over-year. Printer unit sales were down 19 percent overall, with consumer and commercial units both experiencing declines. Despite this, printer supplies revenues were up by 3 percent year-over-year. For the entire year, Printing revenues declined by 4.6 percent year-over-year.

HP generated a free cash flow of $3.1 billion for the year and returned $1.1 billion to shareholders in the form of share repurchases and dividends.

The company expressed optimism that AI would drive PC sales in 2024 and announced its plans to deliver its first AI PC in the second half of the year.