HP reported a net loss of USD 8.9 billion or USD 4.49 per share for its fiscal third quarter, versus a profit of USD 1.9 billion or USD 0.93 per share a year earlier. Excluding a number of asset writedowns and restructuring charges, earnings per share came in at USD 1.00, down 9 percent from a year earlier. The results were in line with HP's preliminary announcement.
Quarterly revenue totaled USD 29.7 billion, down 5 percent from the prior-year period and down 2 percent excluding currency effects. CEO Meg Whitman said the company was making "decent progress" in its turnaround plans, "despite headwinds".
HP's Personal Systems Group suffered from the slowdown in the PC market, with revenue and total units down 10 percent year-over-year. Revenues also fell 3 percent at the Printing Group, 3 percent in Services and 4 percent in Enterprise Servers, Storage and Networking. Software revenue grew 18 percent year over year thanks to the takeover of Autonomy.
After USD 2.8 billion in cash flow from operations in the quarter, HP finished July with total cash of USD 9.9 billion. The company said it expects adjusted EPS for the full year of USD 4.05-4.07, at the low end of the previously provided outlook.
