Tuesday, February 24, 2009

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HP Posts Declines in All Groups but EDS

Despite declines nearly across the board, Hewlett-Packard just barely managed an increase in revenue for the first quarter of 2009, which ended Jan. 31, the company announced Wednesday. Net revenue for the quarter reached US$28.8 billion, up 1 percent compared to the same period last year. HP Software revenue was down 7 percent to $878 million and HP Financial Services revenue decreased 1 percent to $636 million.

Net income was $1.9 billion, or $0.75 earnings per share, down from $2.1 billion, or $0.80 earnings per share. On a pro forma basis, which excludes certain one-time items, net income came in at $2.3 billion, the same as in the first quarter of 2008, although earnings per share rose to $0.93 from $0.86. Without strong growth in its Services group, HP would have fared much worse. Revenue for that group grew 116 percent to $8.7 billion, primarily due to HP's acquisition of EDS.

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