HP Turns Back On $1 Billion In Annual Sales By Quitting Russia, Belarus

"Considering the COVID environment and long-term outlook for Russia, we have decided to stop our Russia activity and have begun the process of fully winding down our operations," said CEO Enrique Lores on a Q2 earnings call with analysts. Lores says "business there accounted for approximately $1 billion in revenue in fiscal year 2021." The Register reports: HP was among the first wave of tech companies to suspend shipments to the countries soon after Russia invaded its neighbor on February 24, but now the company's president and CEO Enrique Lores is making the move more permanent. [...] HP's Lores revealed the exit of Russia and Belarus as HP reported financial results for Q2 of its fiscal 2022 ended 30 April: revenue grew 4 percent to $16.5 billion including a 9 percent hike in the Personal Systems Group to $11.532 billion, and a 7 percent drop in Printing to $4.963 billion. In the PC unit, notebooks were up 3 percent to $7.734 billion, and desktops were up 28 percent to $2.855 billion as corporate customers refreshed their estates. [...] HP recorded a net profit of $1 billion for the period, lower than the $1.228 billion reported in the same quarter of last year.

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