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By eweek  |  Posted 2002-08-27 Print this article Print

: HP Earnings"> Revenue in HPs imaging and printing systems segment, which includes printer hardware, digital imaging devices and publishing equipment, and associated supplies, increased 10 percent year-over-year and decreased 3 percent sequentially to $4.7 billion. Year-over-year increases in home printer product revenue were offset by declines in business hardware revenue resulting from continued weakness in IT spending. But the quarter also marked a significant drop in PC sales. Revenue for HPs personal systems group—which includes business and consumer PCs, workstations, notebooks and personal appliances—totaled $4.8 billion, a drop of 18 percent sequentially and 19 percent year-over-year.
Consumer PC sales were particularly hard hit, with revenue down 31 percent sequentially and 20 percent year-over-year. Commercial sales also declined, though not as steeply, falling about 11 percent sequentially and 15 percent year-over-year.
HPs enterprise systems group, which includes Unix- and Intel-based servers, multi-platform storage and management software, saw sales decline 8 percent sequentially and 22 percent year-over-year. The computer maker blamed the weak results on a continued slump in global IT spending, aggressive price competition from rivals and product transitions. HPs services revenue, a major focus of the pro-merger forces, also declined, slipping about 3 percent from the previous quarter and 7 percent below a year ago. Looking ahead, the computer maker affirmed earlier second-half integration targets, and projected earnings would increase next quarter to $17.4 billion.
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