HP revenue falls six percent, beats Wall Street view
February 22, 2013 8:49 AM EST
Hewlett-Packard Co's 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 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)
Most Popular Slideshows
- Flight MH17 Attack: Russians Claim 'Putin A Terrorist,' Memorial at Dutch Embassy Overflows [PHOTOS]
- Typhoon Rammasun Claims 18 Lives in China, Incurs $4.32B Losses (PHOTOS)
- Ellen DeGeneres Caught Cheating with Mutual Friend Before Portia de Rossi’s Rehab – Reports [PHOTOS]
- Typhoon Matmo Leaves 32k Customers w/o Electricity in Taiwan, Weakens After Landing in China
Join the Conversation
- Samsung Galaxy Note 4 Apps Leak Online, Five Fresh Features to Expect from the Android Smartphone
- Moto 360 Price Speculations, Key Features, Strategic Release Date, Design: A Watch That is More Than Just Time
- Windows Phone 8.1 Update Rollout: 20 Nokia Lumia Phones Eligible and 13 New Features to be Added
- HTC Google Nexus 8 Release Date Imminent with New Nexus 7 Deals, Two New Tablets Soon
- Three New Moto G Successors Spotted in FCC Document Dubbed Moto G2, Moto M and More --Reports
- iPad Air 2 Release Date Will Skip IGZO Panel; To Rollout with Super-Slim iPad Mini Air
- Upcoming iPad Mini 3 Could be 30% Thinner and Likely be Called iPad Mini Air; Apple Q3 Results Show 9% Decrease in iPad Sales