HP results beat predictions but drop from 2012

REVENUES dipped for computer giant Hewlett-Packard (HP) during its fourth fiscal quarter, with a three per cent drop from the same period last year registered.

HP’s revenues came in at $29.1bn (£17.94bn) during the three months to the end of October, but earnings per share dropped further, down 13 per cent to $1.01.

In total, revenue improved from the third fiscal quarter’s results, which saw overall revenue of $27.2bn.

Shares in the group rose seven per cent in after-hours trading after the results impressed traders.

Revenue fell across every segment of the business except the enterprise group, which saw a two per cent increase from last year. The section is HP’s largest outside of its enormous personal computing branch.

Both software and enterprise services revenues were hardest hit, with a nine per cent drop registered for each.

HP president Meg Whitman said the results, which beat expectations, showed “HP’s turnaround remains on track heading into fiscal 2014”.

Whitman continued: “While we still have much more work to do, our business units and their core assets are delivering.”

Earlier this month, HP was forced to announce less positive news, when the firm’s Chromebook 11 laptops were removed from shelves. The company was responding to reports that the charger sold with the device was causing an overheating problem for some users.