HP's first quarter earnings down 38 percent year over year

35

HP just announced a fairly brutal (though still profitable) quarter of financial results, anchored by GAAP earnings which were down some 38 percent to $1.5 billion versus the same quarter a year prior. Revenue, meanwhile, was off just 7 percent, and HP's lumping much of the downward trend in earnings into higher "cost of sales" (the company isn't taking any hit from the wind-down of the webOS business this quarter). Recently-installed CEO Meg Whitman says that they're "taking the necessary steps to improve execution, increase effectiveness and capitalize on emerging opportunities to reassert HP's technology leadership."

Most unsettling, perhaps, is that the Imaging and Printing Group — long a cash cow for HP — is down 7 percent year over year in revenue, and consumer devices specifically are down some 15 percent. Is it possible that end users are finally weaning themselves off paper and going all-digital, are printers lasting longer, or is HP simply losing ground to the competition?

More from The Verge

Back to top ^
X
Log In Sign Up

forgot?
Log In Sign Up

Forgot password?

We'll email you a reset link.

If you signed up using a 3rd party account like Facebook or Twitter, please login with it instead.

Forgot password?

Try another email?

Almost done,

By becoming a registered user, you are also agreeing to our Terms and confirming that you have read our Privacy Policy.
Spinner.vc97ec6e

Authenticating

Great!

Choose an available username to complete sign up.

In order to provide our users with a better overall experience, we ask for more information from Facebook when using it to login so that we can learn more about our audience and provide you with the best possible experience. We do not store specific user data and the sharing of it is not required to login with Facebook.

tracking_pixel_5345_tracker