Hewlett-Packard has reported another drop in quarterly revenue and profit, with a notable 16 percent slide in its enterprise services business.
The company said it’s on track to divide itself into two companies later this year, but made a last minute change to its leadership plans: CFO Cathie Lesjak will move to HP Inc., the division that will sell PCs and printers, and not to HP Enterprise, as originally planned.
HP has been trying to expand its business for a few years without success, and the split is a bold gambit to see if can perform better as two companies. Revenue slipped 7 percent in the quarter ended April 30, to $25.5 billion—its 15th straight quarter of declining sales.
HP’s PC business, which had been doing relatively well thanks to upgrades sparked by the end of support for Windows XP, contracted by 5 percent from a year earlier, and its printer business, where HP gets much of its profit, shrank by 7 percent, the company announced Thursday.
It enterprise business also declined, with storage and network sales both down from last year. Its industry standard server business was a bright spot, growing 11 percent.
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