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HP posts third quarter earnings with 8% plunge in revenue

August 22
2:29 AM 2013

On Wednesday, Hewlett-Packard said it generated USD1.39 billion or 71 US cents from every share during the fiscal third quarter that ended last July 31, 2013. The amount was up from last year's loss of USD8.86 billion or USD4.49 each share when it bought Electronic Data Systems for USD13 billion.

"I remain confident that we are making progress in our turnaround," HP Chief Executive Officer Meg Whitman said in a statement. Whitman said HP is already going through a "significant improvement" in its enterprise. However, she added the company was unlikely to experience a year on year revenue growth in 2013.

HP's revenue plunged in almost all of the corporation's business divisions, with the total revenue down by 8% to USD27.2 billion. Analysts projected a slightly higher revenue of USD27.3 billion.

HP cut its costs and concentrated on the more profitable segments since the start of the PC market's decline. It reduced its expenses by 34% during the last quarter to USD25.37 billion from last year's USD38.9 billion. However, the PC plunge still weighed on HP's results.

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