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November 26, 2014

Financial results mixed, but step in right direction says HP

Reported net revenue of $US111.5bn, down one per cent year-on-year.

By CBR Staff Writer

HP has announced mixed financial results for 2014 and for the fourth quarter ended October 31, yet the firm believes overall business performance represents a step in the right direction.

For the year, HP reported net revenue of $US111.5bn, which was down one per cent year-on-year. Fourth quarter revenue of $28.4bn was down two per cent from the prior-year period.

The earnings report was the first since HP announced its plans to cleave itself into two public companies in 2015.

Meg Whitman, chairman, president and chief executive office of HP, said the results demonstrate the firm’s turnaround continues on track.

"In FY14, we stabilized our revenue trajectory, strengthened our operations, showed strong financial discipline, and once again made innovation the cornerstone of our company," she said.

"There’s still a lot left to do, but our efforts to date, combined with the separation we announced in October, sets the stage for accelerated progress in FY15 and beyond."

There were some bright spots in the results, with personal systems revenue up four per cent year-on-year, and notebook sales up by as much as eight per cent.

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However, revenue was down in just about every other business unit, with printing revenue down five per cent year-on-year.

Enterprise group revenue was down four per cent year-on-year, with a 14.8 per cent operating margin.

Services revenue was down seven per cent year-on-year, with application and business services dropping by six per cent and IT outsourcing revenue declining by seven per cent.

Software revenue was also down 1% year-on-year, with financial services revenue falling by a similar amount across the annual reporting period.


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