HP announced its financial results for its second quarter which saw a decline in its printing business. The company’s total earnings fell 32 percent year over year, or US$1.1 billion.
The tech giant saw net revenue fall 10 percent year over year to US$27.6 billion. Among the hardest hit was its Personal Systems revenue, which was down 20 percent.
Printing revenue declined one percent year over year with a operating margin of 15.8 percent. Total hardware units were down 11 percent year over year. Commercial hardware units were down 5 percent year over year, and Consumer hardware units were down 13 percent year over year.
"I am encouraged by our performance in the second quarter, and I feel good about the rest of the year," said Meg Whitman, President and CEO of HP. "As I have said many times before, this is a multi-year journey. We have a long way to go, but we are on track to deliver on our fiscal 2013 non-GAAP diluted earnings per share outlook."
Despite the decline in earnings, the results were said to be better than expected, spurred on by “accelerated capture of restructuring savings and improvement in our operations.” The announcement caused HP’s shares to rise 13 percent on the New York Stock Exchange.