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HP Reports First Quarter 2011 Results

Tue Feb 22, 2011 - 9:11 PM EST - By Annie Latham

On Tuesday, after close of market, Hewlett-Packard announced earnings for the first full quarter under the leadership of Leo Apotheker,

While net income leaped 16% for Q1 as sales rose modestly, it was the outlook that shook up the investor community. Shares dropped more than 12% in after-hours trading.

>> Enterprise servers, storage and networking which saw revenue grow 22% year-over-year.

>> HP's imaging and printing business posted year-over-year revenue growth of 7%

>> HP's software business gained 5%.

>> Due to soft consumer demand, the personal systems group saw revenue dip 1% (perhaps attributable to the wait for the webOS devices).

A post by Benjamin Pimentel of MarketWatch included some comments from analysts. For example, Kaushik Roy of Wedbush said, "No reason to run away from the stock." Roy noted how HP "guided revenues down for the full year --probably because they are moving away from low margin business, but they bumped up their EPS guide for the full year- which is good."

Most news reports were quick to compare HP's results with Dell's from last week (profit that nearly tripled from a year earlier).

More information on HP's quarterly earnings, including additional financial analysis and an earnings overview presentation, is available on HP's Investor Relations website.
HP's Q1 FY11 earnings conference call is accessible via an audio webcast at www.hp.com/investor/2011q1webcast..


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