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HP: Fiscal 4Q14 Financial Results

$3.3 billion yealry revenue in storage, it was $4.1 billion three years ago

(in $ million) 4Q13 4Q14 FY13 FY14
Storage revenue 952 878 3,475 3,315
Growth   -8%    -5%

For FY14 ended October 31, 2014, revenue of HP in storage products reached $3.3 billion, down 5% from FY13 and decreasing rapidly since three years (see table below).

For the most recent quarter, Q/Q growth is 10% at $878 million but down 8% from one year ago (see other table below).

The market continued to shift towards mid-tier from the high-end. Fortunately there is the 3par platform, which grew year-over-year and the company expects to gain share as the market moves to the mid-range.

More precisely into storage sales diminishing 8% Y/Y for the last quarter, revenue for converged products was down 3% at $396 million and 12% for traditional products at $482 million. For FY14, the percentages are respectively -5% for the global activity, 8% for converged and -13% for traditional products.

3par plus XP, plus EVA revenue declined yearly 6% for the most recent three-month period.

Commenting on these global bad results, Cathie Lesjak, HP’s CFO, said, as expected: “We need to improve sales execution in storage.”

Furthermore, technology services revenue declined 3% year-over-year, driven by hardware declines in BCS and storage.

Annual revenue for storage only
(without services, in $ million)

Fiscal year Revenue Y/Y growth
2010 3,785 NA
2011 4,056 7%
2012 3,815 -6%
2013 3,475 -9%
2014 3,316 -5%

Quarterly revenue for storage only
(without services, in $ million)

Quarter
Revenue
Q/Q
Growth
1Q13 833 -12%
2Q13 857 3%
3Q13 833 -3%
4Q13 952 14%
1Q14 834 -12%
2Q14 808 -3%
3Q14 796 -1%
4Q14 878 10%

 To read the earnings call transcript

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