News

HP pays for EDS with losses in Q1 2009

Cliff Saran

Hewlett-Packard’s net earning for the first quarter of 2009 dropped 13% to $1.9bn from $2.1bn in the first quarter of 2008.

The company said revenue declined 3% in Europe, the Middle East and Africa. HP said the company incurred costs related to its acquisition of Electronic Data Systems (EDS), which has affected the quarter's results.

HP expects its full-year earnings to decline by between 2% and 5%, depending on how the IT market changes during the downturn.

Sales of PCs in its Personal Systems Group (PSG) fell 19% to $8.8bn, and the company said the number of PCs it shipped  fell 4%.

HP's printer business appears to have been hit hard by the recession, with shipments down by a third, and revenue down 19% to $6bn.

The company’s software business declined with revenue falling 7% to $878m. HP said its business technology optimisation  business also fell 4% while other software revenue was down 14%.


Email Alerts

Register now to receive ComputerWeekly.com IT-related news, guides and more, delivered to your inbox.
By submitting you agree to receive email from TechTarget and its partners. If you reside outside of the United States, you consent to having your personal data transferred to and processed in the United States. Privacy
 

COMMENTS powered by Disqus  //  Commenting policy