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HP: Fiscal 3Q13 Financial Results

Lowest storage sales since four years !

Hewlett-Packard Development Company, LP announced its financial results for its third fiscal quarter ended July 31, 2013.

Converged storage was up 37%, but was offset by weakness in traditional storage and total storage revenue down 10% Y/Y at $833 million, the lowest figure registered since 3FQ09 (!) even if the company continues to see growth in mid-range 3Par products launched in the first quarter.

Cathy Lesjak, CFO, commented: "Turning to enterprise group. Results were weaker than expected with revenue down 9% year-over-year to $6.8 billion. We continue to see positive momentum with our converged storage solutions but we faced extreme competitive pricing in industry standard server and storage and continued weakness in traditional storage demand. Higher margins in technology services helped offset weakness in the other businesses, primarily ISS and storage. (…) 3Par was up double-digits again and StoreOnce continue to do well. Together, 3Par plus XP, plus EVA, a metric that adjust for the planned product transition outgrew the market. (…) Then frankly, our storage business, the converged storage part is going well, but the decline in tape and other areas of XP, we can do better than that."

The most recent victim of these poor results is Dave Donatelli (see in another today’s news) who was supposed to drive growth and innovation when he was recruited at HP as EVP, enterprise servers, storage and networking, in May 2009, coming from EMC where he was much more successful as president of storage division.

Revenue for storage only
(without services, $ million)

 Quarter
 Revenue
  Q/Q
Growth
  3Q09     824    1%
  4Q09     918   11%
  1Q10     889   -3%
  2Q10     948    7%
  3Q10     904   -5%
  4Q10   1,044   15%
  1Q11   1,012   -3%
  2Q11     980   -3%
  3Q11     976   -0%
  4Q11   1,088   11%
  1Q12     955  -12%
  2Q12     990    4%
  3Q12     924   -7%
  4Q12     946    2%
  1Q13     833   -12%
  2Q13     857    3%
  3Q13     833   -3%
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