HP reports 1% decline in Q1 revenue

Desktops

by CBR Staff Writer| 21 February 2014

Net income of the company increased 16% to $1.43bn.

HP has reported net revenues of $28.2bn for the first quarter of 2014, a 1% decrease compared to the corresponding period last year.

Net income of the company increased 16% to $1.43bn from $1.23bn it reported a year earlier.

Non-GAAP diluted net earnings per share were up 10% to $0.90 compared to for the same period a year ago, while the net earnings for the quarter were $317m.

During the quarter, the cash flow increased by 17% to $3bn against the same period previous year.

HP president and chief executive officer Meg Whitman said the company is in a stronger position today than it has been in quite some time.

"The progress we're making is reflected in growth across several parts of our portfolio, the growing strength of our balance sheet, and the strong support we're receiving from customers and channel partners," Whitman added.

"Innovation is igniting our comeback, and at a time when many of our competitors are confronting new challenges, two years of turnaround work is setting us up for an exciting future."

The company had returned $843m to shareholders in the form of dividends and share repurchases in the first quarter.

For the second quarter of 2014, the company expects to have non-GAAP diluted net EPS in the range of $0.85 to $0.89 and in the range of $3.60 to $3.75 for the whole fiscal.

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