Despite the love surrounding HP and its new chief after its recent global partner conference, the technology giant posted a drop in turnover for its first-quarter 2012 results.
Revenue for the first quarter was $30bn (£19.1bn) compared with $32.3bn the previous quarter, representing a seven per cent drop year on year.
Net profit nosedived 44 per cent from $2.6bn in Q1 2011 to $1.5bn in Q1 2012. Drilling down into regions, the Americas saw turnover drop nine per cent year on year, with EMEA revenue down four per cent and Asia-Pacific down 10 per cent.
The beleaguered Personal Systems Group (PSG) saw revenue drop 15 per cent year on year and the Imaging and Printing Group (IPG) saw a seven per cent dip in revenue. Enterprise Servers, Storage and Networking (ESSN) revenue fell 10 per cent.
Star performers for HP were software, which grew 30 per cent year on year; financial services, which grew 15 per cent; and services (including technical, outsourcing and business services) which grew one per cent.
Meg Whitman, chief executive of HP, said: "In the first quarter, we delivered on our Q1 outlook and remained focused on the fundamentals to drive long-term, sustainable returns. We are taking the necessary steps to improve execution, increase effectiveness and capitalise on emerging opportunities to reassert HP's technology leadership."
Fall in shipments through distribution in first six weeks of Q4 are an indicator that Black Friday could be a damp squib, according to analyst Context
CEO Justin Harling and COO Richard Behan buy out other shareholders
UK chief executive Cindy Rose says the proposed deal is needed to maintain the 'free flow' of data
Contingency plans follow Carillion's demise earlier this year