HP Posts Declines in All Groups but EDS
Despite declines nearly across the board, Hewlett-Packard just barely managed an increase in revenue for the first quarter of 2009, which ended Jan. 31, the company announced Wednesday.
Net revenue for the quarter reached US$28.8 billion, up 1 percent compared to the same period last year.
Net income was $1.9 billion, or $0.75 earnings per share, down from $2.1 billion, or $0.80 earnings per share. On a pro forma basis, which excludes certain one-time items, net income came in at $2.3 billion, the same as in the first quarter of 2008, although earnings per share rose to $0.93 from $0.86.
Without strong growth in its Services group, HP would have fared much worse. Revenue for that group grew 116 percent to $8.7 billion, primarily due to HP's acquisition of EDS.
Its Personal Systems Group, which includes computers, declined 19 percent compared to the previous year to $8.8 billion. Unit shipments were down 4 percent. Desktop revenue plummeted 25 percent while notebook revenue declined 13 percent.
: