HP Profit Falls 44% Amid Weak PC Sales

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.