HP reports a beat on profits, a miss on revenue

Meg WhitmanHPHP CEO Meg Whitman

Hewlett-Packard just reported quarterly earnings and we’re sifting through them now.

HP reported $US0.92 adjusted EPS vs. expected $US0.91.

So that’s a beat.

And it reported revenue of $US26.8 billion vs. expected revenue of $US27.2 billion.

That’s a miss.

Analysts were actually looking for a modest increase in EPS over the year-ago quarter (1 cent) and an almost 3% decline in sales.

The stock is down a bit in after hours trading.

Earlier today, HP released some good news. It won a 10-year “multi-billion” deal with Deutsche Bank to provide all kinds of updated tech, including software, storage and a dedicated data center built with HP’s cloud technology Helion. Helion is HP’s version of an open-source cloud computing operating system called Openstack.

In other words, HP will be helping Deutsche Bank build what’s known as a “private cloud.” That’s when a company uses the same technology used by the big internet cloud computing hosting providers in its own data center. It helps a company use its IT systems more efficiently.

Meanwhile, there was also word this week of some management changes in HP’s mangement. Marten Mickos, the former Eucalyptus CEO who became HP’s top cloud guy in September when HP bought Eucalyptus, is trimming his responsibilites, according to Gigaom.

Bill Hilf will take on product strategy, Kerry Bailey will lead sales, and Mark Interrante will head up engineering. It’s now unclear what role Mickos at HP Enterprise will have once HP splits into two companies.

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