In Whitman’s First Quarter As CEO, HP Beats The Street; Q4 Revenue Down 3 Percent

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HP has just reported fourth quarter and fiscal year 2011 earnings today, with fourth quarter non-GAAP net revenue of $32.3 billion, down 3 percent from the same quarter in 2010. The company posted non-GAAP diluted earnings per share of $1.17. Analysts expected HP to post earnings of $1.13 a share on revenue of $32.05 billion.

Full year fiscal 2011 GAAP net revenue for the fiscal year 2011 was $127.2 billion, up 1% compared with the prior year. Non-GAAP net revenue for the full fiscal year 2011 was $127.4 billion, up 1% compared with the prior year.

For the fourth quarter, GAAP net revenue of $32.1 billion was down 3% from the prior-year period. GAAP diluted EPS was $0.12, down 89% from the prior-year period.

HP Software revenue grew 28% year over year, driven by revenue growth in licenses
and services. Revenue in HP’s commercial businesses declined 2% year over year. Revenue in HP’s consumer businesses, within PSG and IPG, was collectively down 9% year over year.

“HP has a great opportunity to build on our strong hardware, software, and services franchises with leading market positions, customer relationships, and intellectual property,” said Meg Whitman, HP president and chief executive officer. Whitman joined HP in September. “We need to get back to the business fundamentals in fiscal 2012, including making prudent investments in the business and driving more consistent execution.”