HP reports drop in profit but says turnaround effort making progress

Hewlett-Packard reported a drop in profit for the last quarter as printer and PC sales both declined, but said cost-cutting measures the company announced last year are starting to pay off. HP reported earnings for the first quarter of its fiscal year, ended Jan. 31, of $1.2 billion, down 16 percent from the same quarter a year earlier. Revenue fell 6 percent to $28.4 billion, the company announced Thursday. Sales of PCs and workstations fell 8 percent to $8.2 billion, HP said, while its printer division suffered a 5 percent decline in revenue, to $5.9 billion, HP said. HP’s Enterprise Group, which sells server, storage and networking gear, saw revenue decline 4 percent to $6.98 billion, HP said. Sales of software and enterprise services also declined.To read this article in full or to leave a comment, please click here