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HP Q1 Revenue And Earnings Fall

2/23/2012 09:37:29 AM Eastern
Palo Alto, Calif. - Hewlett-Packard fiscal first quarter revenue and earnings were down significantly, the company reported.

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."
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