Software revenue grew 28%, while services revenue saw an increase of 2%
HP has reported net revenue of $32.1bn for the fourth quarter of 2011, a decrease of 3% from $33.3bn in the same quarter previous year.
The company’s non-GAAP net revenue was $32.3bn, down 3% from $33.3bn in the prior year’s same quarter.
The non-GAAP net revenue includes an additional $0.2bn of revenue resulting from the exclusion of contra revenue associated with sales incentive programs implemented in connection with the wind down of HP’s webOS device business, net of webOS device revenue for the period.
GAAP diluted EPS was $0.12, down 89% from the prior-year period, while non-GAAP diluted EPS was $1.17, down 12% from the prior-year period.
In the Americas, fourth quarter GAAP net revenue was $14.5bn, down 4% year over year, while non-GAAP net revenue in the Americas was $14.6bn, down 3% year over year.
Europe, the Middle East and Africa posted GAAP revenue of $11.7bn, down 6% year over year, whereas GAAP revenue in Asia Pacific was $6bn, representing a 3% increase year over year.
GAAP revenue from outside of the US in the fourth quarter accounted for 65% of total HP revenue, with BRIC countries (Brazil, Russia, India and China) generating revenue of $3.8bn, up 9% over the year-ago period.
HP’s services revenue grew 2% to $9.3bn, with a 12.8% operating margin, while its software revenue grew 28% year over year with a 27.7% operating margin.
The company has also reported full year fiscal 2011 GAAP net revenue of $127.2bn, up 1% compared with the prior year.
The company’s GAAP operating profit for the full year was $9.7bn, and GAAP diluted earnings per share (EPS) was $3.32, down 10% from the prior year.
HP estimates non-GAAP diluted EPS in the range of $0.83 to $0.86, and GAAP diluted EPS in the range of $0.61 to $0.64.
HP expects full year fiscal 2012 non-GAAP diluted EPS of at least $4 and GAAP diluted EPS of approximately $3.20.
HP president and chief executive officer Meg Whitman said they have a great opportunity to build on their strong hardware, software, and services franchises with leading market positions, customer relationships, and intellectual property.
"We need to get back to the business fundamentals in fiscal 2012, including making prudent investments in the business and driving more consistent execution," Whitman said.
HP executive vice president and chief financial officer Cathie Lesjak said while FY11 proved to be a challenging year, they grew non-GAAP EPS 7% and generated $12.6bn in cash flow from operations.
"We’re remaining cautious heading into FY12 but are focused on delivering our earnings outlook and driving shareholder value," Lesjak said.