Although HP CEO Meg Whitman sounded upbeat about pockets of good news within HP's businesses, this chart that shows the company's revenues by business unit is pretty stark.
Revenues in every business unit have shrunk from last year. Same with profits, except for a slight gain in the Enterprise Services business. Free cash flow from operations was $1.5 billion, down 51% from the prior-year period (not included in the chart below, but disclosed here).
Whitman and CFO Cathie Lesjak blamed most of this on the foreign exchange rate. HP's revenues, overall, were down 7%, but they were down only 2% in constant currency. HP has huge international operations and sells a lot of equipment in currencies other than the U.S. dollar.
Even so, this chart suggests HP doesn't yet have a star business unit that is doing well enough to stop the sinking.
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