HP has announced its fourth quarter results which saw the company’s revenue figures coming in stronger than expected. The company had revenues of US$29.1 billion, which is down one percent from the prior-year period when adjusted for currency effects.
For the entire fiscal 2013 period, Hp’s net revenues were down seven percent from 2012, now standing at US$112.3 billion, down five percent when adjusted for effects of currency.
The company’s Printing segment was also down one percent in the fourth quarter,year over year, despite having increased hardware sales (commercial hardware increased nine percent). It had a 17.7 percent operating margin. Supplies revenue was down four percent.
“Through improved execution, strong cost management, and with the support of our customers and partners, HP ended fiscal 2013 on a high note,” said Meg Whitman, HP President and Chief Executive Officer. “Our Q4 results demonstrate that HP’s turnaround remains on track heading into fiscal 2014. While we still have much more work to do, our business units and their core assets are delivering on HP’s strategy to help customers thrive by providing solutions for the New Style of IT.”
HP has cut 13,000 jobs in the 2013 fiscal year and revealed that “several thousand” more will follow in 2014.
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