HP revenue falls 6 percent, beats Wall St view

SAN FRANCISCO Fri Feb 22, 2013 3:17am IST

A Hewlett-Packard logo is seen at the company's Executive Briefing Center in Palo Alto, California January 16, 2013. REUTERS/Stephen Lam/Files

A Hewlett-Packard logo is seen at the company's Executive Briefing Center in Palo Alto, California January 16, 2013.

Credit: Reuters/Stephen Lam/Files

Related Topics

Stocks

   

SAN FRANCISCO (Reuters) - Hewlett-Packard Co's (HPQ.N) fiscal first-quarter revenue fell 6 percent to $28.4 billion, but it beat Wall Street expectations in a flat to shrinking personal computing market, sending its shares up over 5 percent.

The world's No. 1 PC maker also gave an outlook that came in higher than Wall Street expected.

Analysts had on average expected HP, which like Dell Inc DELL.O is struggling to sustain sales growth as smartphones and tablets surge in popularity, to record revenue of $27.8 billion in the December quarter.

The company's stock rose 5 percent, from a close of $17.10 on Nasdaq, in after-market trade.

HP on Thursday estimated fiscal second quarter earnings per share of 80 to 82 cents, higher than the average Wall Street forecast of 77 cents.

HP is struggling to shore up its credibility on Wall Street while battling shrinking margins in an increasingly cut-throat PC market, reduced IT spending, and an internal overhaul that involves thousands of layoffs.

Chief Executive Meg Whitman, who took the helm over a year ago after a failed bid to become governor of California, has plunged HP into a years-long turnaround to recapture some of the Silicon Valley icon's former growth trajectory.

She said the company's efforts at recovery is gaining traction but acknowledged "there's still a lot of work to do to generate the kind of growth we want to see."

Revenue at HP's personal systems division fell 8 percent, while sales in its enterprise group slid 4 percent during the quarter.

(Reporting by Edwin Chan; Editing by Richard Chang)

FILED UNDER:
Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.

  • Most Popular
  • Most Shared

TECH DEAL

A view of Microsoft and Nokia signs in Peltola, Oulu July 16, 2014. Microsoft Corp said on Thursday it would cut up to 18,000 jobs, or about 14 percent of its workforce, as it halves the size of its recent Nokia acquisition and trims down other operations. REUTERS/Markku Ruottinen/Lehtikuva

Opera's Mini browser to be installed on Microsoft phones

Norwegian software maker Opera signed a deal to take over the browser building unit of Microsoft's Nokia mobile phone unit and reported second-quarter earnings above expectations, sending it shares sharply higher.  Full Article 

Reuters Showcase

Silicon Valley Women

Silicon Valley Women

Despite lip service, Silicon Valley venture capital still a man’s world   Full Article 

Cyber Attacks

Cyber Attacks

U.S. government's nuclear watchdog victim of cyber attacks - report  Full Article 

Net Neutrality

Net Neutrality

Online video stars mobilize for U.S. net neutrality  Full Article 

'Heartbleed' Bug

'Heartbleed' Bug

U.S. hospital breach biggest yet to exploit Heartbleed bug - expert  Full Article 

Deal Talk

Deal Talk

Infineon agrees to buy Int'l Rectifier for $3 bln in cash  Full Article 

Reuters India Mobile

Reuters India Mobile

Get the latest news on the go. Visit Reuters India on your mobile device.  Full Coverage