HP profit down to $985M; revenue rise 1 percent

Nathan Andrada – Fourth Estate Cooperative Contributor

Palo Alto, CA, United States (4E) – Hewlett-Packard reported on Wednesday that its quarterly revenue rose due to higher computer sales, but its profit dropped as the technology firm seeks to revive its fortunes.

In the recent quarter, HP’s profit stood $985mn compared to $1.39bn in the same period a year earlier. Revenue jumped around one percent to $27.6bn.

HP chief executive Meg Whitman said she is very pleased with the company’s progress, according to the earnings release.

Commercial revenue in the personal systems segment jumped 14 percent and consumer revenue climbed 8 percent. Total unit shipments posted a 13 percent increase, as the number of desktops and notebooks shipped by HP increased.

Revenue at the company’s enterprise group, which sells computer servers and other hardware, edged higher 1.9 percent to $6.89bn.

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