The new CEO of Hewlett-Packard, Meg Whitman, got the honor of delivering the bad news today in an earnings conference call: revenue and profits were down sharply. Net revenue for HP's Q1, which ended January 2012, was $30.0 billion, down 7% from the prior-year period, while net earnings were $1.5 billion, down 44 percent from the prior year.
HP's computer group reported steep declines in sales, down 15 percent overall, with both desktop and laptop units reporting declining sales – 18 percent and 19 percent respectively. The Imaging and Printing Group also saw sales decline with revenue down 7 percent with consumer printers units sold down 15 percent in the quarter.
HP's earning press release with more details can be found here.