FILE PHOTO: A screen displays the logo for HP Inc. at the New York Stock Exchange in New York, U.S., November 18, 2019. REUTERS/Brendan McDermid/File Photo GLOBAL BUSINESS WEEK AHEAD
On Monday, HP reported $14.6 billion in fourth-quarter revenue, slightly lower from last year, as growth in its personal computer business offset the continuous decline of the printing business. Adjusted earnings per share came in at 65 cents for the fourth quarter, beating analysts’ estimate of 54 cents, according to Refinitiv data.
HP also said it expected about $650 million of cost savings to flow through its projected operating profit growth. It had previously announced a cost reduction program that it expects to result in $1.2 billion of gross, annualized run-rate structural cost savings in fiscal 2022, with additional ongoing productivity improvements of at least $1 billion.
Calling Xerox’s bid “flawed and irresponsible”, HP executives told Reuters there were many hurdles in a potential tie-up.
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