The following is a summary of the HP Inc. (HPQ) Q1 2024 Earnings Call Transcript:

Financial Performance:

HP reported Q1 2024 revenue of $13.2 billion, a decrease of 4-5% in constant currency, with both Personal Systems and Print revenue seeing a decrease.
Despite the revenue decline, HP delivered non-GAAP operating profit of $1.1 billion, an increase of 5%, and non-GAAP diluted net earnings per share increased 11% to $0.81.
HP’s gross margin was at 21.9%, an increase due to improved commodity and logistics costs, yet still affected by competitive pricing.
HP returned $775 million to shareholders, including $500 million in share repurchases and $275 million in dividends, and plans to continue active share repurchases for the rest of the year.

Business Progress:

HP has made advancements in key growth areas, including gaming, Orco solutions, and consumer subscriptions, with a company-wide AI strategy being successfully implemented.
The company plans continues transitioning offerings to subscriptions and launching comprehensive plans, with more AI applications in development.
Strategic partnerships, such as a multiyear deal with Real Madrid and collaboration with Riot Games, have been established, boosting HP’s brand reputation and market presence.
Despite a dynamic and competitive environment, HP is on track to achieve its $1.6 billion gross annual run rate structural cost savings goal by 2025 as well as returning 100% of their FY ’24 free cash flow to shareholders. The second half of FY ’24 is expected to show stronger performance.