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Dell Up, HP Down In Earnings Reports

2/28/2012 05:54:00 PM Eastern

NEW YORK– Hewlett-Packard’s fiscal
first-quarter revenue and earnings were
down significantly, while Dell posted
double-digit 2012 yearly increases in
revenue and net income.

For the quarter, ended Jan. 31, HP
posted GAAP net revenue of $30 billion,
down 7 percent from the $32.1 billion
posted during the same period in
2011. GAAP net earnings dropped 44
percent to $1.5 billion from $2.6 billion
the prior year.

HP’s personal systems group, which
the company contemplated spinning off
last year, saw revenue decline 15 percent
year over year. Total unit sales were
down 18 percent, with desktop falling
19 percent and notebooks 18 percent.

The imaging and printing group saw
revenue drop 7 percent, with consumer
hardware sales falling 15 percent.

New CEO Meg Whitman tried to
paint a rosy picture.

“In the first quarter, we delivered on
our first quarter outlook and remained
focused on the fundamentals to drive
long-term sustainable returns. We are
taking the necessary steps to improve
execution, increase effectiveness and
capitalize on emerging opportunities to
reassert HP’s technology leadership.”

Dell’s increases were made on the
back of the company’s enterprise business
as its consumer sales and revenue
declined during both periods.
Dell generated $62 billion in revenue
and $3.5 in net income for the year,
ended Jan. 28. These figures were up
1 percent and 33 percent, respectively,
compared with 2011.

For the fourth quarter Dell had $16
billion in revenue, up 2 percent, and
$764 in net income, down 18 percent.

The company said consumer revenue
totaled $3.2 billion for the quarter, down
2 percent, and operating income was
$39 million, down 43 percent from the
fourth quarter in 2011. Most of the losses
were incurred in the United States,
as non-domestic sales grew 10 percent
during the quarter.

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