HP reports solid 2014 results, but enterprise division slips

HP has reported its results for fiscal Q4 (running up to the end of October), and the full financial year of 2014, with the news being solid enough but slightly shaky in a couple of areas.

The net revenue HP made in 2014 hit $111.5 billion (£71 billion), which was down 1 per cent on the previous year, but the firm noted that it was flat on a constant currency basis.

Q4 net revenue was $28.4 billion (£18.1 billion), which was down 2 per cent year-on-year.

Non-GAAP net earnings hit $7.1 billion (£4.5 billion), which was up 3 per cent on the previous year, and for the fourth quarter it was $2 billion (£1.25 billion), which was the same as 2013.

Cash flow from operations was $12.3 billion (£7.8 billion) over 2014, up 6 per cent year-on-year.

Revenue from PCs was up 4 per cent year-on-year, but the printer division was down 5 per cent, and the enterprise group slipped 4 per cent, with enterprise services also dropping to the tune of 7 per cent.

Meg Whitman, chairman, president and CEO of HP, commented: "I'm excited to say that HP's turnaround continues on track. In FY14, we stabilised our revenue trajectory, strengthened our operations, showed strong financial discipline, and once again made innovation the cornerstone of our company.”

“Our product roadmaps are the best they've been in years and our partners and customers believe in us. There's still a lot left to do, but our efforts to date, combined with the separation we announced in October, sets the stage for accelerated progress in FY15 and beyond."