HP Q1 Revenue Down 7 Percent To $30B, Net Income Down 44 Percent, Software Sales Up 30 Percent

HP just reported mixed first quarter earnings. The company posted non-GAAP diluted earnings per share of $0.92, down 32 percent from the prior-year period (GAAP diluted earnings per share were $0.73, down 38 percent from the prior-year period). First quarter net revenue came in at $30.0 billion, down 7 percent from the previous year. Analysts expected earnings of $0.87 cents a share on revenue of $30.7 billion. GAAP Net Income was down 44 percent to $1.5 billion. "In the first quarter, we delivered on our Q1 outlook and remained focused on the fundamentals to drive long-term sustainable returns," Meg Whitman, HP president and chief executive officer, said in a statement. "We are taking the necessary steps to improve execution, increase effectiveness and capitalize on emerging opportunities to reassert HP’s technology leadership."

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