HP’s stock is climbing in after hours trading from news of the company’s quarterly financial results. The Palo Alto firm has posted a profit of $1.2 billion for the first quarter, which is based on revenues of $28.4 billion. While the results fared better than HP’s previous expectations, both profit and revenue have fallen year-over-year for the Silicon Valley mainstay, down 16 percent and six percent, respectively. With respect to the company’s divisions, personal systems, printing, enterprise, services and software have each taken a hit from the previous year, with HP’s financial services segment being the only unit to show growth (despite the fact that financing volume is also down). Beyond the sagging numbers, Meg Whitman is offering reason for optimism to investors, saying the company will bring “a number of new programs and disruptive innovations to market in the coming quarters, and we expect the benefits from our restructuring will accelerate through fiscal 2013.” For the complete breakdown of HP’s financial health, just hit up the source link.

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Source: Marketwatch

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HP Q1 2013 earnings: $1.2 billion in profit on revenue of $28.4 billion

We know that HP’s Chinese sub-contractors enjoy a spot of opera on the production line. What’s always been harder to determine though, is who those workers are and what employment rights they have. In an effort to preempt the sort of headlines that have afflicted other brands, HP has issued new guidelines to its Chinese partners — including Foxconn — designed to limit the use of students and temporary personnel and give those people more control over their hours.

Students often seek work during vacations, but high schools close to factories have also been known to pressure their pupils into taking on shifts during bouts of heavy demand — even if it’s to the detriment of their studies. That won’t do for a global manufacturer that needs to be seen as education friendly, so from now on “interns” will only be accepted for work that tallies with their course area, and the School Administrator will just have to find his kickbacks elsewhere.

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Source: New York Times

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HP tells Chinese factories to stop raiding schools for cheap labor

Snagging a first-class upgrade might empty out the contents of your wallet, but be glad you’re not trying to buy your way to the Linux Foundation’s top table. With a strategic investment of $500,000, Hewlett Packard has just become a platinum member of the body, alongside companies like Intel, Qualcomm and Samsung. In exchange for all that cash, HP gets a seat on the Foundation’s board of directors and will have a say in how to advance the foundation’s aims — and hopefully give Open webOS a gentle push, too.

Continue reading HP becomes a platinum member of the Linux Foundation

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HP becomes a platinum member of the Linux Foundation originally appeared on Engadget on Mon, 05 Nov 2012 06:26:00 EDT. Please see our terms for use of feeds.

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Looks like May’s Hewlett-Packard layoff numbers were about 2,000 short of reality, as the American hardware company adjusted its previous 27,000 estimate to 29,000 in a recent SEC 10-K filing spotted by ZDNet. Those employees represent approximately eight percent of HP’s entire workforce, and the restructuring saves the company $3 to $3.5 billion per year — money it badly needs following last quarter’s losses. HP says that 3,800 employees were affected as of July 31, 2012 — just over 13 percent of the restructuring total. It’s unclear how many more will be affected by year’s end, if any.

Filed under: Desktops, Laptops, Software

HP adds another 2,000 to the chopping block, cutting 29,000 jobs by 2014 originally appeared on Engadget on Mon, 10 Sep 2012 12:41:00 EDT. Please see our terms for use of feeds.

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To say that HP is in a bit of a transitional period would probably be an understatement. As expected, the $8 billion hit it took over the EDS purchase severely impacted its bottom line. While revenue was down year-over-year to $29.7 billion, that five percent drop equated to a 568 percent decline in income as the company posted a loss of $8.9 billion. If not for the combined $10.8 billion in charges it was forced to absorb this quarter, the company’s net-income would have stood at $2 billion — which would have been a significant improvement over Q2′s $1.6 billion in profit. While such a staggering loss does appear bad, the non-GAAP results should give investors some hope, as the merger and layoff related charges are a one-time deal. Still, the outlook continues to be grim at the Personal Systems Group which has seen revenue drop 10 percent over the last year. The lone bright spot in the company’s line up appears to be its software division, where revenue has grown 18 percent year-over-year. CEO Meg Whitman issued a statement alongside the Q3 2012 earnings report looking to assuage nervous investors’ fears. “HP is still in the early stages of a multi-year turnaround, and we’re making decent progress despite the headwinds,” she asserts and assures that better days lie ahead. For more financial fun, check out the PR after the break and all the tables and charts you can handle at the source.

Continue reading HP exceeds Q3 expectations: rakes $29.7 billion in revenue, still posts a loss

Filed under: Misc. Gadgets

HP exceeds Q3 expectations: rakes $29.7 billion in revenue, still posts a loss originally appeared on Engadget on Wed, 22 Aug 2012 16:38:00 EDT. Please see our terms for use of feeds.

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