Palo Alto, Calif. - Hewlett-Packard reported lower net earnings on slightly lower net revenue in its fiscal fourth quarter.
GAAP net revenue was $32.1 billion down 3 percent year on year, but GAAP net earnings dropped 91 percent from $2.5 billion in the prior year's final quarter to $200 million this year.
Fourth-quarter non-GAAP net revenue includes an additional $200 million from the exclusion of sales incentive programs due to the wind down of HP's WebOS device business.
Fourth quarter non-GAAP earnings excludes after-tax costs of $2.1 billion, also related to the wind down, and impairment of goodwill and purchased intangible assets, amortization of purchased intangible assets, restructuring charges and acquisition-related charges.
Fourth quarter GAAP net revenue was $14.5 billion, down 4 percent year over year and down 5 percent when adjusted for the effects of currency. Non-GAAP net revenue in the Americas was $14.6 billion, down 3 percent year over year and down 4 percent when adjusted for the effects of currency.
In its two divisions with consumer products, HP's personal systems group revenue declined 2 percent year over year during the fiscal fourth quarter with a 5.7 percent operating margin. Commercial client revenue grew 5 percent, and consumer client revenue declined 9 percent. Total units were up 2 percent with 5 percent growth in desktop units and 1 percent growth in notebook units.
In the quarter, imaging and printing group revenue declined 10 percent year over year with a 12.8 percent operating margin. Consumer printer hardware revenue was down 8 percent year over year with an 8 percent decline in units.
Corporately GAAP net revenue during the fiscal year was up 1 percent to $127.2 billion and GAAP net earnings were $7.1 billion, down 19 percent.