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Meg Whitman talks turnaround as HP fourth-quarter results beat expectations

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Meg Whitman HP (Verge original image)
Meg Whitman HP (Verge original image)

Hewlett-Packard Company announced its fourth-quarter numbers today, delivering $29.1 billion in revenue and earnings of $1.01 per share. That is better than the $27.91 billion and $1 per share analysts were expecting. The stock price is up in after-hours trading.

$29.1 billion in revenue is a 3 percent decline from the same period one year ago. Earnings per share are also down, off 13 percent from the same period one year ago. Five out of HP's six divisions showed losses, with only the the enterprise group improving year over year. But the declines were smaller than expected, and had CEO Meg Whitman talking about a turnaround. The company is currently two years into her five year turnaround plan, and wasn't expecting to show profits until 2014.

"Through improved execution, strong cost management, and with the support of our customers and partners, HP ended fiscal 2013 on a high note," Whitman said. "Our Q4 results demonstrate that HP's turnaround remains on track heading into fiscal 2014. While we still have much more work to do, our business units and their core assets are delivering on HP's strategy to help customers thrive by providing solutions for the new style of IT."