HP has blamed declining sales in its PC business for a seven per cent drop in its quarterly revenues.
The company reported revenues of $30bn, down from $32.bn in the same quarter a year ago. Earnings per share dropped by some 44 per cent on the year.
"In the first quarter, we remained focused on the fundamentals to drive long-term sustainable returns," said HP's chief executive, Meg Whitman.
"We are taking the necessary steps to improve execution, increase effectiveness and capitalise on emerging opportunities to reassert HP’s technology leadership."
The company said that revenues from its Personal Systems Group (PSG) were down some 15 per cent year on year.
Much of that loss was in its consumer PC business, which saw a drop of 25 per cent over the previous year. HP's enterprise PC business also saw revenues fall by seven per cent.
The company fared slightly better in Europe, the Middle East and Africa (EMEA) than in Americas. Total revenues in the EMEA region were down four per cent on the year compared to nine per cent in the Americas.
One area where HP was able to make strides was in its enterprise services and software business. The company reported a one per cent gain from services, while the acquisition of Autonomy helped grow software revenues by 30 per cent.
Charles King, principal analyst for research firm Pund-IT, told V3 that the results appear to favour Whitman's approach towards focusing the company on its enterprise lines and away from the consumer PC market.
"Basically, every vendor but Apple has been getting hammered there in recent years, and it is a primary point of interest in HP's attempt to shift toward business computing," King said.
"Any time a company of HP's size sees revenues fall it is never happy news, but at the same time there is a lot of padding and room for error."
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