HP's Finances Go Down and Up at Once

Showing off billions and billions of dollars, HP has published its financial situation after the completion of the second quarter of Fiscal Year 2011, and it seems that results were more or less mixed.

HP is the world's greatest supplier of computers, so it stands to reason that its finances would involve massive numbers.

In this case, massive numbers translates into revenues of $31.6 billion, a slight drop, sequentially, from the $32.3 billion of Q1.

Then again, that same number is higher than the $30.8 billion recorded during the second quarter of FY 2010.

The main driving forces behind the company's performance were the HP Software HP Financial Services (up 17%), Enterprise Servers, Storage and Networking business outlets (up 15%), the Imaging and Printing Group (5%) and general Services (2%).

“In the second quarter, we saw continued strength in the enterprise with combined revenue from our commercial businesses up 8% year over year,” said Cathie Lesjak, HP executive vice president and chief financial officer.

“We again expanded our margins and increased both earnings per share and cash flow from operations double digits year over year.”

Meanwhile, the Personal Systems Group business section went through a decline of 5%, since PCs have been selling less.

All in all, net income ended up at $2.3 billion and the outfit expects Q3 of FY 2011 to bring in $31.1 to $31.3 billion.

"HP executed well and delivered a solid quarter," said Léo Apotheker, HP president and chief executive officer.

"Our enterprise strategy, with services at its core, is focused on higher value-added solutions. Today we are accelerating our efforts to align our services business model to our long-term strategy to deliver unprecedented value to our customers and a better return for our shareholders."