Bulletin: Hewlett-Packard Co.'s July 2015 Quarter Results Were In Line With Expectations And Do Not Affect Ratings

NEW YORK (Standard&Poor's) Aug. 21, 2015--Standard&Poor's Rating Services said today that Palo Alto, Calif.-based global information technology company Hewlett-Packard Co.'s (BBB+/Watch Neg/A-2) results for its quarter ended July 31, 2015, were in line with expectations and do not affect the ratings. Our ratings on the company remain on CreditWatch with negative implications pending the company's business separation, which it plans to complete by Nov. 1, 2015. Revenues of $25.3 billion for the quarter declined 8% year-on-year, in line with our expectations, with higher declines than we had anticipated in the personal computing and printing businesses and more moderate declines than we had anticipated in the enterprise businesses. PC and printing revenues together declined 12%, a sharper

...NEW YORK (Standard & Poor's) Aug. 21, 2015--Standard & Poor's Rating Services said today that Palo Alto, Calif.-based global information technology company Hewlett-Packard Co.'s (###+/Watch Neg/A-2) results for its quarter ended July 31, 2015, were in line with expectations and do not affect the ratings. Our ratings on the company remain on CreditWatch with negative implications pending the company's business separation, which it plans to complete by Nov. 1, 2015. Revenues of $25.3 billion for the quarter declined 8% year-on-year, in line with our expectations, with higher declines than we had anticipated in the personal computing and printing businesses and more moderate declines than we had anticipated in the enterprise businesses. PC and printing revenues together declined 12%, a sharper year-over-year decline compared to the second quarter's 6% year-over-year decline for the combined businesses. Revenues from the company's combined enterprise businesses in the quarter declined only...

Bulletin