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HP (NYSE: HPQ) saw revenues drop 3% to US$32.1bn during its fiscal fourth quarter, ended October 31, according to financial results released by the company.
Global net profits for Q4 plummeted 91% to US$239mn year-over-year compared to US$2.54bn for the same period a year ago.
The quarterly drop in revenues and profits can be mainly attributed to increased restructuring and acquisition-related charges, impairment of goodwill and purchased intangible assets, HP said.
Revenues for the full fiscal year 2011 inched up 1% to US$127bn from US$126bn in FY2010. However, full year net earnings decreased from US$8.76bn to US$7.07bn in FY2011.
Revenue in HP's commercial businesses declined 2% year-over-year, while HP's consumer businesses, within the Personal Systems Group and the Imaging and Printing Group, were collectively down 9% year-over-year.
In the Americas, fourth quarter net revenue was US$14.5bn, down 4% year-over-year and 5% lower when adjusted for the effects of currency.
Revenues from outside the US in the fourth quarter accounted for 65% of total HP revenues. BRIC countries (Brazil, Russia, India and China) generated revenue of US$3.8bn, up 9% over the year-ago period, for 12% of total HP revenue.
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