HP Revenue Surges Following Years Of Decline
Ren Benavidez | | Aug 22, 2014 10:48 PM EDT |
(Photo : REUTERS/Stephen Lam) A Hewlett-Packard logo is seen at the company's Executive Briefing Center in Palo Alto, California.
Hewlett-Packard announced on Wednesday that its quarterly income surged for the first time since 2011 as the number of computer sales rose in every country besides Russia and China.
The total income for the quarter ended in July 31, which rose one percent to US$27.6 billion from its US$27.2 billion total revenue for the same quarter last year.
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The computer maker's profit, on the other hand, dipped from last year's profit of US$1.39 billion to US$985 million, partly because of the increase in the company's cost savings as users now prefer smartphones to computers.
During the earnings release of the company, HP CEO Meg Whitman said she was satisfied with the progress they made, "Overall, I'm very pleased," she said.
Whitman added that whenever she assessed the performance of the company and the customer's response on the products, it served as a motivation that the company will make a turnaround.
"The earnings report for the most recent quarter was an "important milestone" toward the company's progress," Whitman said.
Despite the lifestyle shift of customers to prefer smartphones and tablets, the computer sales showed an increase, which marked a turnaround for the company's quarterly income.
Meanwhile, in China, HP's personal computer sales were less than satisfactory.
However, the sales of the company's software and printer showed an increase in the Asian country, according to Whitman.
The chief executive added that while the company expects difficulties amid the geopolitical tension in Russia and the cut-throat competition in China, it is looking into investing and new acquisitions.
In July, Whitman became the new chair of the California-based computer maker following the resignation of former chair, Ralph Whitworth, due to health reasons.
"Meg has been an outstanding leader since coming to HP, and we believe she can most effectively drive the turnaround and continue to build value for our shareholders," board's nominating committee chairman Gary Reiner said.
HP is in the middle of a company reorganization, a plan that includes cutting up to 16,000 jobs as part of a strategy, which started in 2012.
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