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November 23, 2009

HP Q4 revenues down 8% to $30.8bn

Net earnings up 14% on year ago quarter

By CBR Staff Writer

HP has reported net revenues of $30.8bn for the fourth quarter of 2009, a decrease of 8% compared to the same period last year.

The company has reported operating margin of 10.2%, an increase of two percentage points compared to 8.2% for the same period last year. Net earnings for the quarter was up 14% to $2.4bn, compared to $2.1bn for the same period a year ago. 

Services revenue increased 8% to $8.9bn. Infrastructure technology outsourcing reported revenue of $4.1bn while technology services, application services and business process outsourcing posted revenue of $2.5bn, $1.5bn and $778m, respectively. 

Revenue from enterprise storage and servers revenue was down 17% to $4.2bn, software revenue decreased 16% to $967m, imaging and printing group revenue declined 15% to $6.5bn while revenue from personal systems group declined 12% to $9.9bn. 

Geographically, revenue was down 3% in Americas to $13.6bn, compared to the same period last year. Revenue decreased by 17% in Europe, the Middle East and Africa and 1% in Asia Pacific to $11.7bn and $5.4bn, respectively. Revenue from outside the US accounted for 64% of the total revenue. 

For full year fiscal 2009, net revenue was down 3% to $114.6bn, compared with the prior-year period or up 1% when adjusted for the effects of currency. Operating profit was $10.1bn while net earnings were $7.7bn, compared to $8.3bn for the same period last year. 

Mark Hurd, chairman and chief executive officer of HP, said: “HP’s solid performance in Services drove record profit, and the accelerated pace in signings creates strong momentum going into 2010. Our operational execution and improving cost structure generated strong quarterly and year-end results. We expect to outperform the market due to our significant scale, broad portfolio and market-leading position.” 

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HP anticipates revenue to be in between $29.6bn and $29.9bn for first fiscal quarter of 2010. For full fiscal year 2010, it expects revenue to be approximately $118bn to $119bn, up from its previous estimate of $117.0bn to $118.0bn.

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