HP has posted another disappointing drop in quarterly revenues, but company chief executive Meg Whitman has claimed there are inklings of a revival, as it restructuring plan begins to take effect.
The company said sales for the quarter ending 31 January, sales were $28.4bn, down six percent over the year-ago quarter. Earnings per share (EPS) weighed in at $0.82, down 11 percent from the previous year's quarter.
HP also saw declines in its personal systems unit, where revenue was down eight percent, and in software operation with a two percent decline. Other units taking a hit in revenues were enterprise services with a seven precent decline in revenue and enterprise group with a four percent drop.
Despite seeing so many of its units suffer losses on the quarter, HP chief executive Meg Whitman remained optimistic that the company was on its way back up.
HP had made improvements in its execution, its channel and its go-to-market efforts, while the impact of its restructuring programme - announced in May 2012 - was beginning to be felt, she claimed.
"While there is still a lot of work to do to generate the kind of growth we want to see, our turnaround is starting to gain traction as a result of the actions we took in 2012 to lay the foundation for HP's future."
Whitman has been tasked with turning around an HP company which has been saddled with a string of failed chief executives and questionable strategic decisions.
Most recently, the company had an unceremonious break-up with Autonomy boss Mike Lynch, whose firm's acquisition eventually resulted in HP writing down a $9bn loss.
Rob Enderle, principal analyst for the Enderle Group, told V3 that while the company's losses in areas such as software were cause for concern, the company has inspired hope by beating estimates and growing key sectors.
"One of the interesting areas was that desktop computers grew 10 percent," Enderle noted.
"I have long thought that if folks buy tablets there is no point to buying a laptop too and that this growth may indicate that buyers are favouring a desktop/tablet mix over a laptop which isn’t entirely bad news of HP particularly this month."
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