HP announces buyback program: $15 billion in total

According to foreign media reports, HP announced its results for the first quarter of fiscal 2020 after the U.S. stock market closed on Monday.

Performance content shows that HP’s total revenue in the first quarter was 14.6 billion US dollars, down 0.6% year-on-year; profit 6. US$7.8 billion, down 15.6% from US$800 million in the same period last year; operating profit margin was 5.9%, down 0.0% from 6.3% in the same period last year. 4 percentage points.

In addition to its first-quarter earnings release, HP also announced a significant share repurchase program, and HP’s board of directors has approved a capital return program that aims to return approximately $160 million to HP shareholders between fiscal 2020 and fiscal 2022. billions of dollars in capital. The company also increased its total share repurchase authorization to $15 billion, up from the $5 billion share repurchase authorization announced in October 2019.

HP also announced a cost-cutting program that aims to achieve total cost savings of $1.2 billion in fiscal 2022 and continue to improve productivity by at least $1 billion. About 6 of these structural cost savings are. The $500 million will flow to projected non-GAAP operating profit growth.

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