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PCs Drag On HP’s Financial Performance

Palo Alto, Calif. – Hewlett-Packard posted $31.6 billion in net
revenue for its second fiscal quarter, ended April 30.

HP’s GAAP net earnings for the period were $2.3 billion, up 5
percent from the same period in 2010.

Most of the growth came in the company’s enterprise and commercial
product segments, while the Personal Systems Group saw revenue decline 5
percent year over year with a 5.7 percent operating margin.

The Imaging and Printing Group grew 5 percent with a 17 percent
operating margin. The IPG’s had 41 percent growth, year over year, in
commercial printer hardware units shipped.

The company’s services area revenue grew 2 percent, enterprise
servers, storage and networking revenue were up 15 percent, software revenue
grew 17 percent and HP’s financial servers revenue grew 17 percent.