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August 21, 2015

Weak PC sales hit HP revenue and profit ahead of split

Revenue dropped to $25.3bn and net income fell to $854m in Q3.

By CBR Staff Writer

HP has reported another quarter of declining revenue and profits due to continued weak demand for PCs and printers.

Revenue for the third quarter of 2015 dropped 8% to $25.3bn, compared to $27.6bn in the year-ago period.

Net income fell to $854m, or $0.47 diluted earnings per share, from $985m, or $0.52 diluted earnings per share, a year earlier.

Personal systems revenue declined 13% year over year to $7.5bn and software revenue was down 6% to $900m.

Revenue from printing segment declined 9% year over year to $5.1bn, while Enterprise Group revenue increased 2% $7bn.

HP chairman, president and CEO Meg Whitman said: "HP delivered results in the third quarter that reflect very strong performance in our Enterprise Group and substantial progress in turning around Enterprise Services.

"I am very pleased that we have continued to deliver the results we said we would, while remaining on track to execute one of the largest and most complex separations ever undertaken."

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HP is due to split into two business units later this year. One unit will be called Hewlett-Packard Enterprise, which will focus on enterprise technology infrastructure, software and services.

The other unit will be named HP Inc and will manage the company’s personal computer and printer businesses.

Global PC shipments declined 9.5% in the second quarter of this year, the steepest fall in two years.

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