HP releases 2011 Q2 earnings early, following leak of foreboding internal memo

HP kicked off this morning's Q2 earnings call citing a leaked company memo that recently popped up at Bloomberg. That memo, which had the outfit's CEO, Leo Apotheker warning of "another tough quarter," resulted in a five percent drop in HP shares in after-hours trading Monday, according to the Wall Street Journal, and prompted the release of the outfit's Q2 earning a day ahead of schedule -- an earnings call was originally slated for Wednesday. According to the report, the company managed to pull in $31.6 billion in revenue and $2.3 billion in earnings, compared to $30.8 billion in revenue and $2.2 billion in earnings the same time last year.

So what brought about the pot-stirring internal memo? Well, it seems HP's struggled to keep up with the competition when it comes to consumer computer sales. Despite an increase in revenue in every other segment of the company's business, HP's Personal Systems Group (which covers enterprise and consumer sales) saw revenue decline five percent year-over-year, with the portion covering consumer computers down 23 percent. That might seem like a big dip, and it is, but Apotheker says the company is "excited by the tablet opportunities," continuing on to say that the impending release of the company's TouchPad "will be an exciting product release for HP." For now, we'll just have to sit back and see if the webOS slate has the stuff to pull HP out of the consumer computer lurch. Full PR after the break.


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