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NewsDummy

PreCentral: HP Q1 2012 earnings down 38% from last year

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HPThe past year has been a tumultuous one for HP, and though things are starting to settle down in Palo Alto, the company's Q1 2012 earnings report doesn't bode well. HP brought in $30 billion of revenue (down 7% from the same quarter last year), from which they netted a profit of $1.5 billion (down a staggering 38%). The computer-producing Personal Systems Group (which also previously built webOS devices) saw a 15% decline in revenue, with desktops and notebooks dropping 18% and 18%. Imaging and Printing also isn't looking good, with a 15% drop for HP's typically reliable revenue and profit center.

It's brutal, but at least HP managed to bring in some profit and meet their own projections, and they're taking steps to do better going forward. Said CEO Meg Whitman, "We are taking the necessary steps to improve execution, increase effectiveness and capitalize on emerging opportunities to reassert HP's technology leadership." How webOS will factor into that strategy, well, even Whitman admits that will take years to play out.

Press release and full financial statement is after the break.

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