Hewlett-Packard Dips Following Q1 Earnings Release
Shares of Hewlett-Packard (NYSE: HPQ) are trading lower in the after-hours following the release of the company's Q1 earnings results. Currently, shares are lower by 1.69%, trading at $28.45; they ended the regular session lower by 1.40%, at $28.94.
Hewlett-Packard reported Q1 EPS of $0.92 on revenues of $30 billion. Revenues decreased 7% year over year. The company returned $1.0 billion in cash to shareholders in the form of dividends and share repurchases.
"In the first quarter, we delivered on our Q1 outlook and remained focused on the fundamentals to drive long-term sustainable returns," said Meg Whitman, HP president and chief executive officer.
"We are taking the necessary steps to improve execution, increase effectiveness and capitalize on emerging opportunities to reassert HP's technology leadership."
Revenue from outside of the United States in the first quarter accounted for 66% of total HP revenue. BRIC countries (Brazil, Russia, India and China) generated revenue of $3.1 billion, down 13% from the year-ago period, and representing 10% of total HP revenue.
Hewlett-Packard Company is a provider of products, technologies, software, solutions and services to individual consumers, small- and medium-sized businesses and large enterprises, including customers in the Government, health and education sectors.
(c) 2013 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.