HP reports 6 percent dip in revenues at $28.4 billion in Q1

Infotech Lead Asia: HP has reported 6 percent decrease in revenues at $28.4 billion in the first quarter.

HP’s net income declined 16 percent to $1.2 billion.

It’s the sixth consecutive quarter that HP’s revenue has dropped from the previous year.

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HP’s Personal Systems revenue declined 8 percent. Total units were down 5 percent with Desktops units up 10 percent and Notebooks units down 14 percent.

Printing revenue decreased 5 percent year. Total hardware units were down 11 percent year over year. Commercial hardware units were down 6 percent year over year, and Consumer hardware units were down 13 percent year over year.

Enterprise Group revenue declined 4 percent year over year with a 15.5 percent operating margin. Networking revenue was up 4 percent, Industry Standard Servers revenue was down 3 percent, Business Critical Systems revenue was down 24 percent, Storage revenue was down 13 percent and Technology Services revenue was down 1 percent year over year.

HP’s Enterprise Services revenue declined 7 percent. Application and Business Services revenue was down 9 percent year over year, and IT Outsourcing revenue declined 6 percent year over year.

Software revenue decreased 2 percent year over year. Support revenue was up 11 percent while license revenue was down 16 percent and services revenue was down 8 percent year over year.
HP said its Financial Services revenue grew 1 percent year over year as a 1 percent increase in net portfolio assets was offset by a 25 percent decrease in financing volume. The business delivered a 10.6 percent operating margin.

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