Whitman bullish as HP reports results for last time
Hewlett Packard Enterprise off to a 'very strong start', Whitman claims
Meg Whitman has said Hewlett Packard Enterprise (HPE) is off to a "very strong start" as she outlined the performance of HP for the last time following its split.
For the full year, ending 31 October, GAAP net profit was down nine per cent to $4.6bn (£3.05bn) on net revenue which over the same period slumped seven per cent to $103.4bn. In constant currency, sales fell just two per cent.
In Q4, net revenue fell nine per cent annually to $25.7bn but GAAP net profit fared better, falling just one per cent over the same period to $1.3bn.
The results are the final ones to be released for the whole of HP, as the first day of its new financial year (1 November) marked the legal and formal separation of the firms into HP Inc and HPE.
Whitman (pictured), who is now CEO of the latter, but remains president of the former, said she "couldn't be prouder" of how the split went, claiming there was no disruption to customers or partners.
She added that early indications for HPE are good.
"I'm pleased to say that overall HPE is off to a very strong start," she said. "First and foremost, the segments that comprise HPE have now had two consecutive quarters of constant currency revenue growth. And we believe we're in a strong position to deliver on our plans to grow overall in FY16 in constant currency."
Whitman said HPE has five priorities for the current fiscal year: growing top-line revenue in constant currency; boosting operating profits; growing free cashflow; executing its innovation road map; and expanding margins in Enterprise Services.
"HPE's innovation engine is humming," she added.
In HP's final quarter, almost all its segments saw sales fall annually. The Personal Systems and Printing divisions both saw sales drop 14 per cent over the period, while revenue at Enterprise Services and Software fell nine per cent and seven per cent respectively.
HP's Enterprise Group was the only segment to grow, with sales rising two per cent annually, thanks to a 35 per cent annual sales boost from its networking products.