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HP earnings fall 44% on Whitman's debut quarter

Revenues crash in key markets

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Meg Whitman’s earnings statement from the first quarter of 2012 doesn’t look good, as she tries to clean the Augean stable left by Léo Apotheker.

In her first full quarter as CEO earnings for the company were down 44 per cent on the previous year, with the company getting hammered on revenues in the fast-growing Asia Pacific market - down 12 per cent, including currency calculations. The US was down 8 per cent on the same metrics, with Europe, the Middle East and Africa dropping 4 per cent.

"In the first quarter, we delivered on our Q1 outlook and remained focused on the fundamentals to drive long-term sustainable returns," said Meg Whitman 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."

The PC and server divisions have been hit hardest. Personal systems group revenue declined 15 per cent and servers, storage and networking fell 10 per cent. HP’s core printing business fell by 7 per cent and services revenues just held steady with a single percentage point of growth. The only bright spots were software revenues, up 30 per cent, and financial services up 15 per cent.

HP will give further details at an earnings call shortly. ®

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