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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."