Thursday, March 28, 2024

HP Profit Falls 44% Amid Weak PC Sales

Datamation content and product recommendations are editorially independent. We may make money when you click on links to our partners. Learn More.

Computerworld: In its first full quarter with Meg Whitman as CEO, HP reported fourth quarter revenue of $30 billion and net income of $1.5 billion or $0.73 per share. Compared to the previous year, the company experienced a 7 percent decline in revenue and a 44 percent decline in profits. Much of the blame for the poor results lies with weak PC sales; revenue for the company’s Personal Systems Group declined 15 percent. In addition, revenue from the Imaging and Printing group, the division responsible for sales of HP printers, fell 7 percent.

Despite the declines, Whitman said the company met its own profit expectations and is “taking the necessary steps to improve execution.” Not including one-time charges, HP’s earnings report also beat analyst expectations.

Subscribe to Data Insider

Learn the latest news and best practices about data science, big data analytics, artificial intelligence, data security, and more.

Similar articles

Get the Free Newsletter!

Subscribe to Data Insider for top news, trends & analysis

Latest Articles