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