U.S.-based HP Inc. ended the fourth quarter of fiscal 2022 with a net loss of $2 million, compared with net income of $3.1 billion in the same period last year. Adjusted earnings fell 9.6% to 85 cents per share from 94 cents.

Revenue fell 11.2% to $14.8 billion from $16.68 billion a year earlier, according to the press release.

Adjusted earnings and revenue beat forecasts. Analysts surveyed by FactSet on average estimated the company’s adjusted earnings at 84 cents per share on revenue of $14.69 billion.

Revenue from HP’s personal computer division fell 13% to $10.3 billion in the last fiscal quarter. The average forecast of experts was $10.2 billion.

Revenue from printer sales fell 7% to $4.5 billion.

The company returned $1 billion to shareholders in August-October in the form of dividend payments and share repurchases, the company said.

For the first quarter of fiscal 2023, HP expects adjusted earnings in the range of 70-80 cents per share, with a consensus forecast of 86 cents per share. For the full fiscal year, earnings are expected to be in the range of $3.2-3.6 per share.

In addition, the company unveiled a cost-cutting plan that will save at least $1.4 billion by the end of fiscal 2025. Among other things, it intends to lay off 4-6 thousand employees worldwide, that is, up to 10% of the staff.

HP stock prices in additional trading on Tuesday rose by 2.1% after the publication of the reports. Since the beginning of this year, the market value of the company fell by 22% (to $ 29.3 billion), while the stock index Standard & Poor’s 500 lost 16%.