HP reports Q4 revenues of US$28.4bn, down 2pc and below analyst targets

25 Nov 2014

HP has reported fourth-quarter revenues of US$28.4bn, shy of analyst expectations of US$28.7bn. For the full year, HP reported revenues of US$111.5bn, down 1pc, also shy of analyst predictions of US$111.7bn.

The company’s revenues were down 2pc on the previous year.

In the first financial results since HP announced it was splitting in two companies – HP Inc and Hewlett-Packard Enterprise – the tech behemoth reported fourth-quarter earnings per share of US$1.06, in line with analyst expectations.

HP reported a net income of US$2bn for the fourth quarter.

HP CEO Meg Whitman said the company’s turnaround was on track.

“In FY14, we stabilised our revenue trajectory, strengthened our operations, showed strong financial discipline, and once again made innovation the cornerstone of our company,” Whitman said.

“Our product road maps are the best they’ve been in years and our partners and customers believe in us.

“There’s still a lot left to do, but our efforts to date, combined with the separation we announced in October, sets the stage for accelerated progress in FY15 and beyond.”

Looking ahead to 2015, HP said it expects earnings per share (non-GAAP) to be between US$3.83 to US$4.03.

HP building image via Shutterstock

John Kennedy is a journalist who served as editor of Silicon Republic for 17 years