HP reports 2% revenue decline in Q3

Share this article:
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.

This material may not be published, broadcast, rewritten or redistributed in any form without prior authorization. Your use of this website constitutes acceptance of Haymarket Media's Privacy Policy and Terms & Conditions