HP earnings dip for Q1 of 2003

Hewlett-Packard Co. Tuesday reported revenue of US$17.9 billion for its first quarter of fiscal 2003, down 1 percent from US$18 billion in revenue in the prior quarter. In its announcement today, HP said that IT spending in the U.S. and Japan continues to lag, although Europe and the Asia-Pacific region posted revenue gains.

For the quarter ended Jan. 31, the company announced earnings per share of 24 cents using Generally Accepted Accounting Principles, up 85 percent from the previous quarter. Non-GAAP earnings were 29 cents per share, 2 cents higher than analyst consensus estimates, according to HP.

"HP is making good headway and continues to execute well," Carly Fiorina, HP chairman and CEO said in a statement. "The first quarter was our best overall profit performance since the merger, demonstrating there is significant leverage in our operating model."

The company "made good progress on cost structures, achieved sequential market share gains in each of our businesses and continued to improve gross margins," she said. "Our revenue shortfalls were largely confined to the U.S. market, as weak commercial spending continued."

Fiorina pointed out two bright spots: HP's Personal Systems unit posted a US$33 million profit for the quarter, compared with a US$68 million loss in the previous quarter, and its Enterprise Systems division cut its loss by 36 percent from the previous quarter.

"Today's world is full of uncertainty, and predictions are difficult," she said. "We're staying focused on what we can control -- maximizing our operating model leverage, delivering the best possible products and services, accelerating market share gains, staying on the offense and investing in growth."

The company affirmed analysts' consensus estimates for the second quarter of 27 cents per share, she said.

Join the newsletter!


Sign up to gain exclusive access to email subscriptions, event invitations, competitions, giveaways, and much more.

Membership is free, and your security and privacy remain protected. View our privacy policy before signing up.

Error: Please check your email address.
Keep up with the latest tech news, reviews and previews by subscribing to the Good Gear Guide newsletter.

Todd R. Weiss

IDG News Service
Show Comments

Father’s Day Gift Guide

Brand Post

Most Popular Reviews

Latest Articles


PCW Evaluation Team

Luke Hill


I need power and lots of it. As a Front End Web developer anything less just won’t cut it which is why the MSI GT75 is an outstanding laptop for me. It’s a sleek and futuristic looking, high quality, beast that has a touch of sci-fi flare about it.

Emily Tyson

MSI GE63 Raider

If you’re looking to invest in your next work horse laptop for work or home use, you can’t go wrong with the MSI GE63.

Laura Johnston

MSI GS65 Stealth Thin

If you can afford the price tag, it is well worth the money. It out performs any other laptop I have tried for gaming, and the transportable design and incredible display also make it ideal for work.

Andrew Teoh

Brother MFC-L9570CDW Multifunction Printer

Touch screen visibility and operation was great and easy to navigate. Each menu and sub-menu was in an understandable order and category

Louise Coady

Brother MFC-L9570CDW Multifunction Printer

The printer was convenient, produced clear and vibrant images and was very easy to use

Edwina Hargreaves

WD My Cloud Home

I would recommend this device for families and small businesses who want one safe place to store all their important digital content and a way to easily share it with friends, family, business partners, or customers.

Featured Content

Product Launch Showcase

Don’t have an account? Sign up here

Don't have an account? Sign up now

Forgot password?