President and CEO Enrique Lores described the results as"a solid end to our fiscal year despite navigating a volatile macro-environment and softening demand in the second half" but added HP needs a strategy – which he dubbed the"Future Ready Transformation Plan" – to find"significant structural cost savings through digital transformation, portfolio optimization and operational efficiency.
HP Inc. also has a plan to sell more stuff by combining its own products with those of Poly – the company formerly known as Plantronics and Polycom before–"while expanding in software and services to deliver differentiated hybrid work solutions for meeting rooms and home offices." "Operational efficiency" was described as an effort to"reduce our variable spend and structural costs," and will see HP Inc. take on approximately $1.0 billion in labor and non-labor costs related to restructuring and other charges, with approximately $0.6 billion to land on the FY 2023 balance sheet.
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