HP recorded a 44% decline in profits

The American company “HP”, the giant global computer manufacturer has witnessed a sharp decline in profits of the first quarter due to the decrease of consumer spending on “HP” products like personal computers and printers.

Revenues of “Personal System Group” in “HP” -this group is specialized in the sale of devices of personal computers and giant workstations- was also declined of about 15% from the previous year to reach $ 9.8 billion, according to what the company announced.

“HP” sales for consumers were declined of about a quarter comparing with the past year, while the percentage of decline in sales of personal computing to companies was 15%.

HP “Imaging and Printing Group” performance was described as “very weak”, as “HP” revenues dropped about 7% to reach 3.6 billion $, as the largest share of the decline in sales was dedicated to consumers.

The total revenue for the quarter ended in January 31st was 30 billion $, recording a 7% decline when compared to last year number, while the company recorded a net profit of about $ 5.1 billion with 44% decline.

Amwal Al Ghad