The American company HP spent more than two dozen million dollars to finally leave the Russian market.
NVIDIA’s departure from Russia cost $16 million. HP spent $23 million on it. This became known after the manufacturer of computers, printers and other equipment published a report for the 2022 fiscal year, which ended on October 31.
Severance costs in Russia include severance payments to former employees and write-off of equipment. Also, the HPS company was forced to cover the losses caused to the partners after the termination of the contracts.
HP’s total revenue in the reporting period reached $63 billion, decreasing by 0.8% year-on-year. But net profit fell in half compared to the 2021 fiscal year and amounted to only $3.2 billion against $6.5 billion.
