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August 21, 2014

HP Q3 profit falls despite thriving PC sales

12% rise in PC sales drove HPs revenue to $27.6bn.

By CBR Staff Writer

HP reported $985m profit in Q3 2014 compared to $1.39bn generated during the corresponding period a year ago, as revenue rose driven by booming computer sales.

During the quarter, HP reported revenue rise to $27.6bn, mainly fuelled by 12% rise in its personal computer sales.

HP chairman, president and chief executive officer Meg Whitman said: "Overall, I’m very pleased with the progress we’ve made.

"When I look at the way the business is performing, the pipeline of innovation and the daily feedback that I receive from our customers and partners, my confidence in the turnaround grows stronger."

During the quarter, the company’s Personal Systems revenue was up 12%; Printing revenue dropped by 4%; Enterprise Group revenue rose by 2%; Enterprise Services revenue declined 6%; Software revenue fell by 5%; and HP Financial Services revenue also declined by 3% year over year.

HP’s Whitman has been striving to stabilise the company and generate profits.

Further, HP also cut jobs several times, including the latest round in May, which brings the company’s current overall workforce to 317,500 at the end of October.

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Last month, HP revealed plans to extend its strategic partnership with California-based big data firm Hortonworks, to incorporate Hortonwork’s platform with the PC maker’s HAVEn big data platform.

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