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Hewlett-Packard (NYSE:HPQ) posted revenue for its fiscal second quarter ended April 30 of $27.4 billion, with non-GAAP profits of 86 cents a share, in both cases right in line with the Street. Revenue was down 3% from a year ago, or up 3% in local currency.

For the fiscal third quarter, the company sees revenue flat to down 2% sequentially; that suggests a range of $26.8 billion to $27.4 billion, or a bit below the Street at $27.5 billion. HP sees non-GAAP profits for the quarter of 88-90 cents a share, in line with the Street at 89 cents.

For all of fiscal 2009, the company sees revenue down 4% to 5%, which is a range of $112.4 billion to $113.6 billion. The Street consensus is $113.46 billion. HP sees full year non-GAAP profits of $3.76 to $3.88 a share, ahead of the Street at $3.71.

In the April quarter, revenues were up 9% in the Americas, down 11% in Europe, Middle East and Africa, and off 10% in Asia Pacific. Adjusted for currency, revenue was up as 12% in the Americas, down 2% in EMEA, and off 5% in Asia Pac.

Other key items from the quarter:

  • GAAP EPS was 70 cents, down from 80 cents.
  • GAAP operating margin was 8.4%, down from 9.2%.
  • Non-GAAP operating margin was 10.4%, up from 10%.
  • Services revenue rose 99%, due to the EDS acquisition.
  • Enterprise storage and services revenue fell 28%. Storage revs fell 22%. Industry standard server revenue and business critical systems revenue fell 29% each. Blade servers were down 12%. Operating margins in the sector fell to 7.2% from 13.7% a year ago.
  • HP Software revenue fell 15%; operating profit margin improved to 17.8%, from 10% a year ago.
  • The personal systems group - PCs - had flat unit shipments. But revenue fell 19%. Notebook revs were down 13%; desktop fell 24%. Commercial client revs were down 22%; consumer client was down 16%. Operating margin was 4.6%, down from 5.4%.
  • Imaging and printing revenue was down 23%. Supplies fell 14%, “due in part to channel inventory realignment,” while commercial hardware fell 40% and consumer hardware dropped 31%. Printer units declined 27%, including a 36% drop in commercial units and a 23% decline in consumer units. Operating profit was 18.2% of revenue, up from 16% a year ago.
  • HP Financial Services revenue was down 6%. Operating margin improved to 7.2%, from 6.9%.

In late trading, HPQ is off 92 cents, or 2.5%, to $35.66.

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