Business

Hewlett-Packard revenues fall as PC sales slide

HP logo on building Image copyright Getty Images

Technology giant Hewlett-Packard has reported falling profits and revenues as sales of personal computers fall.

For the three months to 31 July, HP said net income fell to $854m (£544m) down from $985m a year earlier.

Total revenue fell 8.1% to $25.35bn, with revenues at HP's personal computer and printer business down 11.5%.

Later this year, HP is due to split into two, separating its computer and printer business from its corporate hardware and services operations.

The split is part of a radical restructuring plan, which has already resulted in tens of thousands of job cuts in recent years.

Revenues at HP's personal computer business were down 13%, with revenues from sales to consumers down 22%.

HP also gave a full-year profit forecast that was largely below what analysts had expected.

For the year to October, it is predicting adjusted profit of $3.59-$3.65 per share, compared with analysts' estimates of $3.64 per share.

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