Fourth Quarter 2021 *Net sales increased 9% to $137.4 billion in the fourth quarter, compared with $125.6 billion in fourth quarter 2020. Excluding the $1.3 billion unfavorable impact from year-over-year changes in foreign exchange rates throughout the quarter, net sales increased 10% compared with fourth quarter 2020. *Operating income decreased to $3.5 billion in the fourth quarter, compared with $6.9 billion in fourth quarter 2020. *Net income increased to $14.3 billion in the fourth quarter, or $27.75 per diluted share, compared with $7.2 billion, or $14.09 per diluted share, in fourth quarter 2020. Fourth quarter 2021 net income includes a pre-tax valuation gain of $11.8 billion included in non-operating income from our common stock investment in Rivian Automotive, Inc., which completed an initial public offering in November. Full Year 2021 *Net sales increased 22% to $469.8 billion, compared with $386.1 billion in 2020. Excluding the $3.8 billion favorable impact from year-over-year changes in foreign exchange rates throughout the year, net sales increased 21% compared with 2020. *Operating income increased to $24.9 billion, compared with operating income of $22.9 billion in 2020. *Net income increased $33.4 billion, or $64.81 per diluted share, compared with net income of $21.3 billion, or $41.83 per diluted share, in 2020.

HP Inc. at the London Book Fair introduced HP Piazza, a pioneering set of independent and interlocking cloud-based services that enable publishers to make book manufacturing and distribution more time- and cost-efficient. Now, publishers can build a virtual warehouse for the management, automation, distribution, print, and direct fulfillment of book orders, while holding zero inventory. “Pearson is undergoing a digital transformation to become a simpler, more efficient business and our UK book supply chain is a key part of this,” said Stephen Jones, Pearson Director of Global Direct Procurement. “We are moving from a ‘print to warehouse’ to a ‘print to order, direct to consumer’ model. Partnering with our print providers, HP Piazza will support us in managing our print workflow and optimizing our book supply chain to help reduce costs and better serve our customers.” Click Read More below for additional information.

**Net sales increased 9% to $127.4 billion in the first quarter, compared with $116.4 billion in first quarter 2022. Excluding the $2.4 billion unfavorable impact from year-over-year changes in foreign exchange rates throughout the quarter, net sales increased 11% compared with first quarter 2022. *North America segment sales increased 11% year-over-year to $76.9 billion. *International segment sales increased 1% year-over-year to $29.1 billion, or increased 9% excluding changes in foreign exchange rates. *AWS segment sales increased 16% year-over-year to $21.4 billion. **Operating income increased to $4.8 billion in the first quarter, compared with $3.7 billion in first quarter 2022. First quarter 2023 operating income includes approximately $0.5 billion of charges related to estimated severance costs. *North America segment operating income was $0.9 billion, compared with operating loss of $1.6 billion in first quarter 2022. *International segment operating loss was $1.2 billion, compared with operating loss of $1.3 billion in first quarter 2022. *AWS segment operating income was $5.1 billion, compared with operating income of $6.5 billion in first quarter 2022.