HP’s profits drop 44pc year-over-year

23 Feb 2012

HP president and CEO Meg Whitman

HP saw its net earnings drop 44pc year-over-year to US$1.5bn in the first quarter of 2012. Its net revenue was US$30bn, down 7pc year on year.

Its diluted earnings-per-share dropped by 38pc year-over-year to US$0.73 in the first quarter.

Its first-quarter revenue in Europe, the Middle East and Africa was US$11.7bn, down 4pc year-over-year. In the US, its revenue was down 9pc at US$13.2bn.

Its commercial business revenue declined 4pc year-over-year and its consumer businesses were down 23pc over the same period collectively.

Its Personal Systems Group revenue declined 15pc year-over-year and its Imaging and Printing Group revenue dropped 7pc over the same period.

“In the first quarter, we delivered on our Q1 outlook and remained focused on the fundamentals to drive long-term sustainable returns,” said Meg Whitman, HP president and chief executive officer.

“We are taking the necessary steps to improve execution, increase effectiveness and capitalise on emerging opportunities to reassert HP’s technology leadership,” she said.