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May 19, 2009

HP revenue down 3% in Q2

Services revenue up 99% to $8.5 billion

By CBR Staff Writer

Hewlett-Packard, has announced the financial results for the second quarter of fiscal 2009, with net revenue of $27.4 billion, down 3% compared to net revenue of $28.3 billion for the same quarter of 2008.

In the second quarter of 2009, operating profit was down to $2.3 billion compared to an operating profit of $2.59 billion year-over-year. The company posted diluted earnings per share (EPS) of $0.70, down from $0.80 compared to same quarter last year.

The company said, services revenue increased 99% to $8.5 billion due primarily to the EDS acquisition, enterprise storage and servers revenue was down 28% to $3.5 billion, HP software revenue declined 15% to $880m, personal systems group revenue declined 19% to $8.2 billion, imaging and printing group revenue declined 23% to $5.9 billion and HP financial services revenue was down 6% to $641m

Geographically, America’s revenue grew 9% to $12.1 billion, Europe, the Middle East and Africa revenue declined 11% to $10.6 billion and revenue from Asia pacific was down 10% to $4.7 billion.

Mark Hurd, chairman and chief executive officer of HP, said: “Disciplined focus on operational efficiencies and execution drove record cash flow. Our services business continued to deliver strong profitability with an increased deal pipeline and the EDS integration tracking ahead of schedule.”

HP expects third quarter FY09 revenue to be approximately flat to down 2% sequentially. It expects annual revenue to decline approximately 4 to 5% from the prior-year period.

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