HP reports Q1 2012 financials: $30 billion net revenue, $1.5 billion net earnings, big drop in PC sales

HP reports Q1 2012 financials: $30 billion net revenue, $1.5 billion net earnings, big drop in PC sales:

HP reported results for its first fiscal quarter of 2012 this afternoon, including $30 billion in net revenue (down seven percent from the previous year), and net earnings of $1.5 billion (down a full 44 percent). Partly contributing to that drop is a slump from its Personal Systems Group, which saw revenue slip 15 percent year-over-year, and total desktop and notebook units decline a rather drastic 19 and 18 percent, respectively. The company's Imaging and Printing Group also saw a seven percent decline in revenue, with the total number of printer units slipping 15 percent. HP's services business managed to eke out a one percent growth with revenue of $8.6 billion, though, while its software business saw the biggest growth in any one area at 30 percent (that includes results from the recently-acquired Autonomy). The company's full rundown can be found in the press release after the break, with additional numbers available at the source link below.

Update: On the company's earnings call, CEO Meg Whitman laid some of the blame for PSG's decline on hard drive shortages, but also said that HP has under-invested in the business in the past few years and been late to market too often -- something she says she intends to change.

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HP reports Q1 2012 financials: $30 billion net revenue, $1.5 billion net earnings, big drop in PC sales originally appeared on Engadget on Wed, 22 Feb 2012 16:22:00 EDT. Please see our terms for use of feeds.

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