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HP Q1 Earnings, Revenue Up

Palo Alto, Calif. – Hewlett Packard posted a net profit and revenue increased for its fiscal first quarter despite poor sales in its personal systems and printer segments.

The company generated $1.2 billion in net earnings on revenue of $28.4 billion for the quarter, ended Jan. 31. This was down from the first quarter of 2012 when net earnings were $1.5 billion on $30 billion in sales.

Revenue in HP’s consumer PC revenue fell 13 percent, while commercial revenue dropped 4 percent. Total unit shipments were down 5 percent with laptops responsible for the majority of the loss with shipments down 14 percent. Desktops performed well with shipments rising 10 percent.

In a conference call with investors HP CEO Meg Whitman said the company has no intention of walking away from the PC category, calling it a segment the company needs to be in.

With that said the company expects further declines in its PC business during the course of 2013.