Quotes: MENA   Enter Symbol: NewsLetter: Search: advanced

Hewlett-Packard revenue rises after years of decline  Join our daily free Newsletter

MENAFN - Arab News - 22/08/2014
No. of Ratings : 0
Add to Mixx!



(MENAFN - Arab News) SAN FRANCISCO: Hewlett-Packard has reported that its quarterly revenue rose for the first time in three years nudged by improved computer sales everywhere except Russia and China.

Net revenue for the quarter that ended July 31 was 27.6 billion a one percent improvement from the same period last year when the California computer maker took in 27.2 billion.

Meanwhile HP profit in the recently ended quarter ebbed to 985 million compared to 1.39 billion in the same period a year earlier due in part to cost savings from a massive effort by chief executive Meg Whitman to find new momentum as lifestyles shift from personal computers to smartphones and tablets.

'Overall I'm very pleased with the progress we've made' Whitman said in the earnings release.

'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.'

HP shares slipped a fraction of a percent to 34.86 in after-market trading that followed release of the earnings figures.

Whitman said during an earnings call with analysts that the financial quarter marked an 'important milestone' in the effort to turn HP around and that she was encouraged by progress.

Sales of home and business computers were bright spots in the quarter despite pressure on the overall personal computer market due to competition from smartphones and tablets.

'The PC market I mean right up through tablets is flat to declining' Whitman said.

'We think that will continue and we think that we can continue to gain share in a flat market.'

She based her confidence in HP's product line-up and relationships with partners saying the company's PC business 'has some wind beneath its wings.'

And while China home to HP rival Lenovo was a weak spot for HP personal computer sales the region did well when it came to printer server and software products according to Whitman.

HP expected political forces in Russia and fierce competition in China to present challenges for the company.

HP executives promised that at least half of the company's cash flow will go to buy back shares or pay dividends with an emphasis on the former because they saw the stock as attractively priced.

Whitman said that HP would also put money into acquisitions.

Last month HP announced that Whitman will replace Ralph Whitworth as chair of the US tech giant. Whitworth said he was stepping down for health reasons.

'Meg has been an outstanding leader since coming to HP and we believe that as chairman she can most effectively drive the turnaround and continue to build value for our shareholders' said Gary Reiner chairman of the board's nominating committee.

Whitman who previously was chief executive at eBay has been president and chief executive officer of HP since September 2011.

HP is undergoing a massive reorganization to cope with the move away from traditional personal computers to mobile devices.

The California company said in May that it was cutting an additional 11000 to 16000 jobs on top of 34000 reductions planned under a program begun in 2012.

 


Arab News




  MENA News Headlines
 May 3 2015 - Pleasant weather forecast over next three daysJordan News Agency
(MENAFN - Jordan News Agency) The weather on Sunday is expected to be pleasant in the hilly areas and moderate in other parts of the Kingdom with northwesterly moderate winds.According to the Jordan ...

 May 3 2015 - Israeli forces destroy hundreds of acres in NablusJordan News Agency
(MENAFN - Jordan News Agency) Israeli forces destroyed hundreds of acres of cultivated lands on Sunday in the Khirbet Al-Tawil area east of Nablus in the West Bank.Member of the Popular Committee ...

 May 3 2015 - WHO pushes the health diplomacy agenda forward in a fourth high level seminar in CairoJordan News Agency
(MENAFN - Jordan News Agency) The World Health Organization Regional Office for the Eastern Mediterranean Saturday started the fourth seminar on health diplomacy in Cairo, Egypt.The seminar is ...

 May 3 2015 - Israeli occupation forces hold military maneuvers in West BankJordan News Agency
(MENAFN - Jordan News Agency) Israeli occupation forces on Sunday started large military training and maneuvers in the northern West Bank.Israeli Radio said that these maneuvers which will last until ...

 May 3 2015 - 650 trucks with goods, construction materials enter GazaJordan News Agency
(MENAFN - Jordan News Agency) Some 650 trucks loaded with commercial goods and construction materials entered the Gaza Strip on Sunday as the Israeli occupation authorities reopened the Karam Abu ...

 May 3 2015 - Muscat Municipality delegation concludes visitJordan News Agency
(MENAFN - Jordan News Agency) A delegation from Muscat Municipality concluded a visit to the Amman Greater Municipality (GAM), during which representatives discussed how they might cooperate and ...

 May 3 2015 - Officials call on Jordanian and Kazakh private sectors to increase cooperationJordan News Agency
(MENAFN - Jordan News Agency) Jordanian and Kazakh officials have called upon the private sectors in both countries to take advantage of investment opportunities, especially after political ...

 May 3 2015 - Results of poll of Ensour's government to be announced tomorrowJordan News Agency
(MENAFN - Jordan News Agency) The University of Jordan's Center for Strategic Studies will hold a press conference on Monday to announce the results of a poll regarding Prime Minister Abdullah ...

 May 3 2015 - Jordan adopts special strategy to counter terrorism, says interior ministerJordan News Agency
(MENAFN - Jordan News Agency) Interior Minister Hussein Majali said Jordan is making every effort to counter terrorism and extremism through developing a strategy involving civil society ...

 May 3 2015 - Iraq voices concern over US Congress billJordan News Agency
(MENAFN - Jordan News Agency) Iraqi Prime Minister Haider Al-Abadi received a telephone call from United States Vice President Joe Biden, in which al-Abadi discussed his concerns over a bill before ...

more...


 






Google

Internatinal Property Show

 
 

Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  
 

Middle East North Africa - Financial Network
Arabic MENAFN

Main News
News By Industry
News By Country

Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices

Commodoties

Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks
 

Algeria 
Bahrain 
Egypt 
Iraq
Jordan 
Kuwait 
Lebanon
Morocco 
Oman 
Palestine
Qatar 
Saudi Arabia 
Syria
Tunisia 
UAE 
Yemen

Weather
Economic Calendar
Financial Glossary


Financial Calculators

RSS Feeds [XML]

Corporate Monitor

Events

Real Estate
Submit Your Property

Arab Research
Buy a Research

Press Releases
Submit your PR

Join Newsletters


 
© 2014 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help