Quotes: MENA   Enter Symbol: NewsLetter: Search: advanced

Hewlett-Packard revenue rises after years of decline  Join our daily free Newsletter

MENAFN - Arab News - 22/08/2014
No. of Ratings : 0
Add to Mixx!



(MENAFN - Arab News) SAN FRANCISCO: Hewlett-Packard has reported that its quarterly revenue rose for the first time in three years nudged by improved computer sales everywhere except Russia and China.

Net revenue for the quarter that ended July 31 was 27.6 billion a one percent improvement from the same period last year when the California computer maker took in 27.2 billion.

Meanwhile HP profit in the recently ended quarter ebbed to 985 million compared to 1.39 billion in the same period a year earlier due in part to cost savings from a massive effort by chief executive Meg Whitman to find new momentum as lifestyles shift from personal computers to smartphones and tablets.

'Overall I'm very pleased with the progress we've made' Whitman said in the earnings release.

'When I look at the way the business is performing the pipeline of innovation and the daily feedback that I receive from our customers and partners my confidence in the turnaround grows stronger.'

HP shares slipped a fraction of a percent to 34.86 in after-market trading that followed release of the earnings figures.

Whitman said during an earnings call with analysts that the financial quarter marked an 'important milestone' in the effort to turn HP around and that she was encouraged by progress.

Sales of home and business computers were bright spots in the quarter despite pressure on the overall personal computer market due to competition from smartphones and tablets.

'The PC market I mean right up through tablets is flat to declining' Whitman said.

'We think that will continue and think that we can continue to gain share in a flat market.'


She based her confidence in HP's product line-up and relationships with partners saying the company's PC business 'has some wind beneath its wings.'

And while China home to HP rival Lenovo was a weak spot for HP personal computer sales the region did well when it came to printer server and software products according to Whitman.

HP expected political forces in Russia and fierce competition in China to present challenges for the company.

HP executives promised that at least half of the company's cash flow will go to buy back shares or pay dividends with an emphasis on the former because they saw the stock as attractively priced.

Whitman said that HP would also put money into acquisitions.

Last month HP announced that Whitman will replace Ralph Whitworth as chair of the US tech giant. Whitworth said he was stepping down for health reasons.

'Meg has been an outstanding leader since coming to HP and we believe that as chairman she can most effectively drive the turnaround and continue to build value for our shareholders' said Gary Reiner chairman of the board's nominating committee.

Whitman who previously was chief executive at eBay has been president and chief executive officer of HP since September 2011.

HP is undergoing a massive reorganization to cope with the move away from traditional personal computers to mobile devices.

The California company said in May that it was cutting an additional 11000 to 16000 jobs on top of 34000 reductions planned under a program begun in 2012.

 


Arab News




  MENA News Headlines
 Sep 29 2016 - Kimberly process chair steps up momentum on Africa initiativeMENAFN Press
(MENAFN Press) Zimbabwe was the next stop on his extensive tour of African States, to give Africa a Voice, for which the Kimberley Process was originally intended. In Harare, the KP Chair met with ...

 Sep 29 2016 - Global Virtual Reality Market 2016 Share, Trend, Segmentation and Forecast To 2020MENAFN Press
(MENAFN Press) Global Virtual Reality Market 2016 Share, Trend, Segmentation and Forecast To 2020 next five years in an average of 106% CAGR; by 2020 over 430 billion products will be sold, and 21 ...

 Sep 29 2016 - NY Gov. Cuomo's Justice Center a Corruption SchemeMENAFN Press
(MENAFN Press) NY Gov. Cuomo's Justice Center a Corruption Scheme Jonathan Carey "Champion for the Disabled" Born September 12,1993 Killed by caregivers on February 15,2007 The corruption is ...

 Sep 29 2016 - Solving the last jigsaws to minimize risks, optimize costs and accelerate commercialization at Biosimilars North AmericaMENAFN Press
(MENAFN Press) Solving the last jigsaws to minimize risks, optimize costs and accelerate commercialization at Biosimilars North America The 3rd annual Biosimilars North America by popular demand, ...

 Sep 29 2016 - Haptic Interface Market 2016 market Share, Current and Future Players, Analysis and Forecast to 2022.MENAFN Press
(MENAFN Press) Haptic Interface Market 2016 market Share, Current and Future Players, Analysis and Forecast to 2022. Global Haptic Interface Market Information, by Components (Hardware, Software), ...

 Sep 29 2016 - Cold Forging Machine: Consumption, Demand, Sales, Competitor and Forecast 2016 2021MENAFN Press
(MENAFN Press) Cold Forging Machine: Consumption, Demand, Sales, Competitor and Forecast 2016 – 2021 Cold Forging Machine Global Market 2016 Analysis and Forecast to 2021 PUNE, INDIA, September ...

 Sep 29 2016 - Global Wind Power Market Top Manufactures, Market Demands, Trends, Industry Growth Analysis & Forecast 2021MENAFN Press
(MENAFN Press) Global Wind Power Market Top Manufactures, Market Demands, Trends, Industry Growth Analysis & Forecast 2021 Global Wind Power Market Information Report by Application (Residential ...

 Sep 29 2016 - Global Facial Injectable Market 2016 Technological Innovations, Revenue Share, Opportunities, Trends and Forecast- 2027MENAFN Press
(MENAFN Press) Global Facial Injectable Market 2016 Technological Innovations, Revenue Share, Opportunities, Trends and Forecast- 2027 Market Research Future Global Facial Injectable Market ...

 Sep 29 2016 - Salad Dressing: Consumption, Demand, Sales, Competitor and Forecast 2016 2021MENAFN Press
(MENAFN Press) Salad Dressing: Consumption, Demand, Sales, Competitor and Forecast 2016 – 2021 Salad Dressing Global Market 2016 Analysis and Forecast to 2021 PUNE, INDIA, September 29, 2016 ...

 Sep 29 2016 - Global 3d vr virtual reality glasses Market 2016 Share, Trend, Segmentation and Forecast To 2020MENAFN Press
(MENAFN Press) Global 3d vr virtual reality glasses Market 2016 Share, Trend, Segmentation and Forecast To 2020 conditions, including the product price, profit, capacity, production, capacity ...

more...


 





Google

 
 

Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  
 

Middle East North Africa - Financial Network
Arabic MENAFN

Main News
News By Industry
News By Country

Search News
Market Indices
Quotes & Charts

Global Indices
Arab Indices

Commodoties

Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks
 

Algeria 
Bahrain 
Egypt 
Iraq
Jordan 
Kuwait 
Lebanon
Morocco 
Oman 
Palestine
Qatar 
Saudi Arabia 
Syria
Tunisia 
UAE 
Yemen

Weather
Economic Calendar
Financial Glossary


Financial Calculators

RSS Feeds [XML]

Corporate Monitor

Events

Real Estate
Submit Your Property

Arab Research
Buy a Research

Press Releases
Submit your PR

Join Newsletters


 
© 2014 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help