San Francisco (CA) - Hewlett Packard has claimed that its business is "stabilizing." However, HP's Imaging and Printing Group (IPG) revenue plummeted 20 percent to $5.7 billion during the third fiscal quarter.
Meanwhile, Personal Systems Group revenue fell 18 percent to $8.4 billion. According to HP, notebook revenue for the quarter was down 10 percent, while desktop revenue declined 26%.
"HP's performance this quarter is a result of our strong business portfolio, efficient cost structure and scale. We made positive gains in extending our market leadership in key segments and strengthening our competitive position," spun HP CEO Mark Hurd. "Business is stabilizing, and we are confident that HP will be an early beneficiary of an economic turnaround and will continue to outperform when conditions improve."
HP CFO Cathie Lesjak expressed similar sentiments.
"Record profit in services, double-digit revenue growth in China, and solid cash flow demonstrate HP's ability to execute," said Lesjak. "We are investing for the future and executing operational efficiencies with the goal of driving long-term, profitable growth."
According to Lesjak, revenue grew 8 percent in the Americas to $12.6 billion. Revenue also declined 12 percent in Europe, the Middle East and Africa and four percent in Asia Pacific to $9.9 billion and $5 billion.