Some of that was attributable to currency fluctuations. Overall revenue for the third quarter, which ended July 31, was $25.3 billion, down 8 percent from a year ago but down only 2 percent when normalized for currency effects.
Revenue for the third quarter, which ended July 31, was $25.3 billion, down 8 percent from a year ago but down only 2 percent when normalized for currency effects.
HP Networking, one of the businesses we tend to watch at SDxCentral, was down. HP says networking sales were up 28 percent if you don’t include currency effects, but it goes downhill from there. The increase is 22 percent if you don’t normalize for currency, and it becomes a “slightly” down quarter, as HP worded it, if you don’t count the $2.7 billion acquisition of Aruba, which closed in May.
HP’s net income of $900 million, or 47 cents per share, missed the company’s own forecast of 50 to 54 cents per share. The discrepancy came from a $136 million charge related to a “data center impairment” in HP’s Enterprise Services — a division which, incidentally, has been a consistent disappointment for Whitman.
Non-GAAP earnings of 88 cents per share — unaffected by that impairment — beat the analyst consensus of 85 cents as tallied by Thomson Financial.
HP is ready for the split to happen on Nov. 1, meaning the fourth quarter will be the last one reported by Hewlett-Packard Co. HP has already split up its operations and IT systems as of Aug. 1, Whitman said on today’s earnings call.
HP is also completing layoffs that will end up totaling about 5 percent more than the 55,000 originally planned, CFO Catherine Lesjak said on the call.
HP shares traded flat after-hours on Thursday.