The financial numbers are in for HP's third fiscal quarter, which ended July 31. The firm took in $27.6 billion in revenue, a modest 1.3% increase over the same period last year. But that revenue only translasted to earnings of $985 million, a 29% drop from Q3'13. Here are the particulars:
|Q3 FY'14||Q3 FY'13||Change|
|Revenue||$27.6 billion||$27.2 billion||1.3%|
|Earnings||$985 million||$1.39 billion||(29.1%)|
Even with the profit shrinkage, HP is still raking in tons of money. Its PC division is also performing well. Revenue from the Personal Systems group grew 12% year over year. Sales to commercial customers were up 14%, likely due to XP upgrades, while consumer sales increased 8%. Laptops benefited the most, surging 18% overall. Desktop revenue grew by 9%.
HP's enterprise hardware division contributed a 2% uptick in revenue. However, the printing, software, and services groups all suffered single-digit decreases. The ink cartridge business isn't as lucrative as it used to be, I guess.
In the press release announcing the results, CEO Meg Whitman said she is "very pleased with the progress" HP has made. She added, "When I look at the way the business is performing, the pipeline of innovation and the daily feedback that I receive from our customers and partners, my confidence in the turnaround grows stronger." Whitman doesn't appear to be referring to a broader PC turnaround there, but she might as well be. An uptick in PC sales certainly seems to be buoying HP's business.