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February 21, 2013

HP reports 6% decline in Q1 revenue on lower PC sales

Net earnings declined 16% to $1.23bn.

By CBR Staff Writer

HP has reported a 6% decline in its revenue to $28.36bn for Q1 2013, compared to $30.04bn it reported during corresponding quarter in 2012.

During the quarter, the company’s net earnings declined 16% to $1.23bn, compared to $1.47bn,for the same period last year.

Revenue at HP’s personal systems division fell 8% to $8.2bn in the quarter and revenue in the company’s enterprise group decreased 4% to $6.9bn.

Revenue from printers fell 5% to $5.9bn, and service segment sales declined 7% to $5.9bn with software business also falling 2% to $926m.

The company generated $2.6bn in cash flow from operations in the quarter, up 115% from the prior-year period.

HP president and chief executive officer, Meg Whitman, said: "After returning more than half a billion dollars to shareholders through share repurchases and dividends in the quarter, we improved our operating company net debt position for the fourth successive quarter by more than $1 billion to $4.7 billion."

The company expects diluted earnings per share to be in the range of $0.38 to $0.40 for Q2 2013

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In May last year, HP announced plans to cut 27,000 workers, nearly 8% of its workforce, by the end of 2014.

Earlier this month, HP revealed plans to shut down its Russelsheim site in Germany by the end of October 2013, which could affect about 850 jobs.

"We’ll be bringing a number of new programs and disruptive innovations to market in the coming quarters, and we expect the benefits from our restructuring will accelerate through fiscal 2013," Whitman said.

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