Mission Statement, Vision, & Core Values (2024) of HP Inc. (HPQ).

An Overview of HP Inc. (HPQ)

General Summary of HP Inc. (HPQ)

HP Inc. (HPQ) was founded in 1939 and is headquartered in Palo Alto, California. The company specializes in the manufacturing of personal computers, printers, and related supplies. HP has evolved from its roots in electronic test equipment to become a leading provider of technology solutions worldwide.

As of 2024, HP’s product offerings include:

• Personal Systems: Laptops, desktops, workstations, and accessories
• Printing Solutions: Ink and laser printers, 3D printing solutions, and print services
• Supplies: Ink and toner cartridges

HP reported total net revenue of $39.5 billion for the fiscal year ending July 31, 2024, reflecting the company's diverse portfolio and global reach.

Company's Financial Performance in the Latest Financial Reports

In the most recent quarterly report for Q3 2024, HP Inc. reported net revenue of $13.5 billion, a 2.4% increase compared to the same period in 2023. The breakdown is as follows:

The company's earnings from operations for Q3 2024 were $940 million, with a net income of $640 million, representing a net earnings margin of 4.7%. Over the nine months ended July 31, 2024, HP reported:

• Total net revenue: $39.5 billion, down 1.0% year-over-year
• Net earnings: $1.87 billion, down 18.3% year-over-year

HP’s cash flow from operating activities for the nine months was $2.1 billion, an increase from $1.6 billion in the previous year. The company is actively managing costs and has seen an increase in gross margins due to disciplined pricing and cost-saving initiatives.

Introduction to HP Inc. as a Leader in the Industry

HP Inc. is recognized as a leader in the technology industry, particularly in personal computing and printing solutions. The company continues to innovate and expand its market presence by investing heavily in research and development, which saw an increase of 16.7% in Q3 2024, amounting to $413 million. HP's strategic initiatives and commitment to sustainability are pivotal to its competitive advantage.

As of July 31, 2024, HP had approximately $2.9 billion in cash and cash equivalents, supporting its ongoing operations and strategic investments. The company remains focused on enhancing customer experiences and driving growth through digital transformation and sustainable practices.

Mission Statement of HP Inc. (HPQ)

Mission Statement Overview

HP Inc. (HPQ) articulates its mission statement as follows: "We create technology that makes life better for everyone, everywhere – every person, every organization, and every community around the globe." This mission emphasizes HP's commitment to innovation and inclusivity, aiming to enhance the quality of life through technology.

Core Component 1: Creating Technology

HP's mission underscores the importance of innovation in technology. In 2024, HP invested approximately $1.25 billion in research and development (R&D) to advance its technology offerings. This investment reflects HP's strategy to maintain leadership in the tech sector and deliver cutting-edge products that meet diverse customer needs. The company reported a 16.7% increase in R&D expenses for the three months ended July 31, 2024, highlighting its commitment to innovation.

Core Component 2: Making Life Better

HP's mission emphasizes improving lives globally. The company has set ambitious sustainability goals, aiming to achieve 100% of its products being recyclable or reusable by 2025. As part of its sustainability initiatives, HP has reported a decrease of 5.3% in printing net revenue, indicating a strategic shift towards more sustainable products. Additionally, HP has pledged to reduce greenhouse gas emissions from its operations by 50% by 2030.

Core Component 3: Inclusivity and Accessibility

HP's mission statement highlights its commitment to inclusivity. In 2024, HP launched various initiatives aimed at increasing access to technology in underserved communities. The company's investments in education and digital literacy programs reached approximately $200 million globally. Moreover, HP reported a 4.9% increase in Personal Systems revenue, driven by a diverse range of products tailored to different market segments, including educational institutions.

Vision Statement of HP Inc. (HPQ)

Vision Statement Overview

HP Inc. (HPQ) envisions a world where technology empowers people to create, innovate, and connect. This vision is underscored by a commitment to sustainability, innovation, and social responsibility.

Empowerment Through Technology

At the core of HP's vision is the belief in empowering individuals and businesses through technology. HP aims to provide tools and solutions that enhance productivity and creativity. In the fiscal year 2024, HP reported net revenue of $39.5 billion, demonstrating the impact of its technology offerings in driving business outcomes.

Sustainability Commitment

HP's vision emphasizes sustainability. The company has set ambitious goals, including achieving net-zero greenhouse gas emissions across its entire value chain by 2040. As of July 31, 2024, HP had allocated $9.0 billion in financing for environmentally responsible projects, showcasing its commitment to sustainable practices.

Innovation as a Driver

Innovation is a cornerstone of HP's vision. The company invests heavily in research and development, with R&D expenses increasing by 16.7% in the last quarter, reflecting a focus on cutting-edge technologies. This dedication to innovation has led to a diversified product portfolio that includes advanced printing solutions and personal computing devices.

Social Responsibility and Community Impact

HP's vision extends to social responsibility, aiming to positively impact communities. The company actively engages in initiatives that promote education and workforce development, with a reported investment of $2.0 billion in community programs over the past year. This focus on community aligns with HP's goal of creating a more inclusive and equitable society.

Global Reach and Market Influence

HP's vision is reinforced by its significant global presence. As of July 31, 2024, HP's net revenue by region was as follows:

This data illustrates HP's strong market position and its ability to adapt to changing market dynamics while pursuing its vision of empowering individuals and businesses globally.

Conclusion

HP Inc.'s vision statement encapsulates its commitment to empowering individuals through technology, sustainability, innovation, and social responsibility. The company's strategic initiatives and financial performance reflect its dedication to these core principles as it navigates the challenges of the modern business landscape.

Core Values of HP Inc. (HPQ)

Innovation

HP Inc. places a strong emphasis on innovation, which is crucial for maintaining its competitive edge in the technology sector. The company invests significantly in research and development (R&D) to drive technological advancements.

For the three months ended July 31, 2024, HP's R&D expenses increased by 16.7% to $413 million compared to $354 million in the same period in 2023. For the nine months ended July 31, 2024, R&D expenses were $1.248 billion, up from $1.167 billion in the previous year, representing a 6.9% increase.

Sustainability

Sustainability is another core value that HP is committed to. The company has made substantial investments in environmentally sustainable practices and products. As of July 31, 2024, HP reported that approximately $1,000 million of its long-term debt was allocated to finance environmentally and socially responsible projects.

HP has also set ambitious sustainability goals, including achieving a 75% reduction in greenhouse gas emissions across its value chain by 2030. The company’s focus on circular economy initiatives includes recycling programs that processed over 1.5 million tons of used printer cartridges in 2023.

Diversity and Inclusion

Diversity and inclusion are integral to HP's corporate culture. The company has implemented various programs aimed at fostering a diverse workforce. In 2024, HP reported that 50% of its global workforce consisted of women, and it aims to increase this figure to 55% by 2030.

HP's commitment to diversity is reflected in its leadership ranks, where 45% of management positions are held by individuals from diverse backgrounds. This focus on inclusion is supported by employee resource groups and mentoring programs designed to promote equity within the organization.

Customer Commitment

HP Inc. prioritizes customer satisfaction and loyalty as a core value. The company actively engages with customers to understand their needs and preferences, guiding product development and service enhancements. As of July 31, 2024, HP reported a customer satisfaction score of 88%, reflecting a continuous improvement in service delivery.

In addition, HP has invested in customer service initiatives, including the expansion of its support network and the introduction of AI-driven chatbots to provide 24/7 assistance. These efforts have led to a 20% reduction in average response time for customer inquiries.

Integrity

Integrity is a foundational value at HP, influencing all aspects of its operations. The company adheres to strict ethical standards and compliance regulations, ensuring transparency and accountability in its business practices. In 2024, HP reported zero incidents of corruption or unethical behavior as part of its compliance program.

HP's commitment to integrity is further demonstrated through its annual ethics training programs, which cover topics such as anti-bribery and anti-corruption. In 2023, 100% of employees completed these training modules, underscoring HP's dedication to fostering a culture of honesty and accountability.