Hewlett Packard has published its fourth quarter financial results, the first since its division into two parts at the beginning of November.
The company now consists of HP Inc. which is the part of the company specialising in consumer PCs and printers while Hewlett Packard Enterprise will deal with servers, software, storage, networking, and associated services. The financial results released today include the earnings of both companies despite the split.
HP reported a net income of $1.3 billion with the shares valued at 73 cents per share. Non-GAAP earnings were 93 cents per share with a revenue of $25.7 billion which has been down nine per cent year-over-year. This was a bit disappointing for traders on Wall Street who were expecting to see earnings of 97 cents per share with $26.36 billion in revenue.
While the plan to split Hewlett Packard into two separate entities has been in the works since October 2014, it finally went into effect this month. HP Enterprise began to trade on the NYSE using HPE as its ticker symbol while HP Inc. continued to trade under the HPQ symbol on the same floor.
Looking towards the future, HP Inc. will be placing a lot of its attention and resources on 3D printing. HP Enterprise will be focusing on revamping its cloud services to be on par with Microsoft, Amazon, and IBM. Despite this quarter’s earnings report, Hewlett Packard’s CEO, Meg Whitman believes that HP Enterprise is off to a strong start.