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Hewlett-Packard's fourth quarter net revenue slipped 3 percent year-over-year (or 1 percent when adjusted for the effects of currency) to $29.1 billion, though analysts were expecting a bigger decline. Part of the reason why HP exceeded expectations is because it was propped up by growth in its Enterprise Group (servers, software, storage, and networking products), which was up 2 percent compared to the same quarter a year ago.
"Through improved execution, strong cost management, and with the support of our customers and partners, HP ended fiscal 2013 on a high note," said Meg Whitman, HP president and chief executive officer. "Our Q4 results demonstrate that HP's turnaround remains on track heading into fiscal 2014. While we still have much more work to do, our business units and their core assets are delivering on HP's strategy to help customers thrive by providing solutions for the New Style of IT."
Investors certainly seem sold on HP's claim that its turnaround efforts are working. HP's share price is up over 7 percent following news of its Q4 results.
HP, now the world's second largest PC company in terms of shipments, said that revenue from its Personal Systems division was down 2 percent year-over-year. Interestingly, total units were up 2 percent thanks in large part to growing notebook sales, which jumped 3 percent. Desktop sales fell 5 percent.