Despite revenue slumps, HP ends year on ‘a high note’

27 Nov 2013

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Net revenue for the fourth quarter and fiscal 2013 dropped 3pc to US$29.1bn and 7pc to US$112.3bn respectively for computer-maker HP.

The figures are in comparison to the prior-year periods, when fourth-quarter net revenue totalled US$30bn and fiscal 2012 net revenue reached US$120.4bn.

The company’s GAAP diluted net earnings per share (EPS) for the fourth quarter amounted to US$0.73, up from a GAAP diluted net loss per share of US$3.49 in the prior-year period.

Fiscal 2013 GAAP diluted net EPS totalled US$2.62, up from a GAAP diluted net loss per share of US$6.41 in the prior-year period and below the previously provided outlook of US$2.67 to US$2.71 per share.

A year ago, HP’s outlook was dire, in the wake of a weakening PC industry and bungled acquisition of Autonomy.

Now, Meg Whitman, HP’s president and CEO, said through improved execution, strong cost management, and with the support of its customers and partners, HP ended fiscal 2013 on a high note.

“Our Q4 results demonstrate that HP’s turnaround remains on track heading into fiscal 2014," Whitman said.

“While we still have much more work to do, our business units and their core assets are delivering on HP’s strategy to help customers thrive by providing solutions for the new style of IT."

Tina held senior editorial positions at daily newspapers in Ottawa and Toronto

editorial@siliconrepublic.com