HP Q3 Earnings And Revenue Down Ahead Of Split
HP posted net earnings for the quarter of US$854 million, down 13 per cent year-on-year, while revenue of US$25.3 billion was down 8 per cent year-on-year.
HP’s battles continue in the PC market, with desktops posting a 20 per cent decline year-on-year, while notebooks slid by 3 per cent. In total, personal systems revenue was down 13 per cent for the quarter, with commercial revenue down 9 per cent and consumer revenue down 20 per cent.
The results come ahead of HP’s split into two separate companies, with HP having originally announced the separation last October. Under the plan, one company will comprise of HP’s enterprise technology infrastructure, software and services businesses, and the other its personal systems and printing businesses.
Updating its progress, HP stated it has introduced the expected members of the boards of directors for both Hewlett Packard Enterprise and HP Inc., effective upon the completion of the separation, with each board to include members of the current HP board, as well as several new directors.
“HP delivered results in the third quarter that reflect very strong performance in our Enterprise Group and substantial progress in turning around Enterprise Services,” Meg Whitman, HP chairman, president and chief executive officer, stated.
“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.”