HP reports 2% revenue decline in Q3

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HP reported net revenue declined 2% for its third fiscal quarter ended July 31 for a total of $27.5 billion.
The company's net earnings totaled $1.6 billion for the quarter, down 19% year over year. Diluted earnings per share were 67 cents per share, down 16% from 80 cents per share last year.

By segment, revenue in HP's services business increased 93% for a total of $8.5 billion, due primarily to its acquisition of computer services firm EDS last year.

The company's other segments didn't fare as well. HP's imaging and printing group saw a 20% decline in revenue for a total of $5.7 billion. Printer unit shipments decreased 23%, with commercial printer hardware units down 42% and consumer printer hardware units down 16%. HP has introduced several new printers for the commercial market this year, including the HP Inkjet Web Press, a high-speed, 30-inch digital color press and the Indigo W7200 Digital Press, designed for high-volumes of variable data printing.

HP's enterprise storage and servers segment reported total revenue of $3.7 billion, a 23% decrease. HP software revenue decline 22% for a total of $847 million. While the personal systems group posted a 2% increase in unit shipments, revenue still declined 18% for a total of $8.4 billion, with notebook revenue declining 10% for the quarter and desktop revenue declining 26%. Financial services reported revenue totaling $670 million, down 1% from a year ago.

By region, HP's revenue grew 8% in the Americas; declined 12% in Europe, the Middle East and Africa; and declined 4% in Asia Pacific.
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