Slightly before the close of the markets yesterday, May 22nd, HP announced its quarterly earnings. Layoffs of from 11,000 to 16,000 more workers dominated the headlines, as well as much of the conference call discussion, but as of mid-day the 23rd, HPQ stock is at 52-week highs, near $34 a share.
On the printer side, operating profits were strong at 19.5% of revenues, which is the highest net profit percentage figure posted in the eight-and-a-half years since I have been tracking their quarterly results. (See my Google Drive spreadsheet by clicking here.)
On the revenues side, there were many single-digit-negative entries, is typically of recent performance. The -4% year-over-year quarterly drop was the 12th negative number in a row, making it three full years of declines. The "bad news" is pretty evenly spread out, as is typically.
CEO Meg Whitman did offer some "color" on IPG results in the Q&A, and her comments are worth reviewing via transcript at the company's investor relations site. Like the numbers themselves, the blame (and some might say excuses, e.g. "...our managed print services business, we were late to that market and we're catching up fast...") is also spread around nicely.