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HP quarterly revenues fall 7%
2015-05-22 09:24:00| Telecompaper Headlines
(Telecompaper) HP reported revenues for its fiscal second quarter to April down 7 percent year-on-year to USD 25.5 billion. Excluding currency effects, revenue was down just 2 percent, hurt by a slowdown in the business PC and enterprise services market. Adjusted EPS fell 1 percent to USD 0.87, in line with the company's outlook of 84-88 cents, and reported EPS was down 17 percent to USD 0.55, slightly below the guidance of 55-61 cents a share. Operating cash flow halved compared to the year-earlier period to USD 1.5 bilion. Profits were hurt by USD 585 million or 32 cents a share in one-time charges for restructuring and the planned separation of the PC and printer business into a new company, which HP said remains on track. The company also named Cathie Lesjak as CFO of the spin-off company, while Tim Stonesifer will become CFO of Hewlett Packard Enterprise and Chris Hsu COO at Hewlett Packard Enterprise. For fiscal Q3, HP forecast adjusted EPS of USD 0.83-0.87 and reported EPS of USD 0.50-0.54. The company maintained its full-year outlook, which was reduced already earlier this year due to the strength in the US dollar.
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Category:Telecommunications