HP spent $23 million to leave russia - the company wrote off goods, terminated contracts and paid severance payments

The American company HP has spent more than two dozen million dollars to finally leave the Russian market.

Here's What We Know

We recently wrote that NVIDIA's withdrawal from Russia cost $16 million. HP spent $23 million on this, it became known after the manufacturer of computers, printers and other equipment published a report for fiscal year 2022, which ended October 31.

The costs for ceasing operations in Russia include severance payments to former employees and write-offs of equipment. HPS also had to cover damages that were incurred by partners after the contracts were terminated.

The total revenue of HP during the reporting period reached $63 billion, having decreased by 0.8% against the year. But the net income collapsed twice compared to fiscal 2021 and amounted to only $3.2 billion compared to $6.5 billion.

Source: HP

Image: Barron's