The OEM saw revenue fall one percent but cash flow increased 17 percent.
HP’s first quarter of 2014 results saw a net revenue of $28.2 billion (€20.5 billion), which is a one percent decline from the previous year, though “flat on a constant currency basis” according to the OEM. Its quarterly cash flow from operations of $3 billion (€2.1 billion) in turn was an increase of 17 percent on the previous year’s results.
HP also noted that it had returned $843 million (€614.9 million) to shareholders “in the form of dividends and share repurchases” in the first quarter, and its operating net cash position improved by $1.6 billion (€1.16 billion), which it states was the “eighth consecutive quarterly improvement of over $1 billion” that it’s seen in operating net cash.
In terms of specific areas of the company’s business, the printing department was down by two percent, with total hardware units up five percent. Commercial hardware was up six percent in units, whilst consumer hardware was up by four percent, though supplies revenue fell by three percent.
Meg Whitman, CEO of HP, stated: “HP is in a stronger position today than we’ve been in quite some time. The progress we’re making is reflected in growth across several parts of our portfolio, the growing strength of our balance sheet, and the strong support we’re receiving from customers and channel partners.
“Innovation is igniting our comeback, and at a time when many of our competitors are confronting new challenges, two years of turnaround work is setting us up for an exciting future.”