Hewlett-Packard Co.
(HPQ) on Tuesday reported a fiscal second-quarter profit of
$2.1 billion, or
80 cents a share, on
$28.3 billion in sales.
In a separate call with analysts, Hurd acknowledged the difficulty facing HP in the United States, where the company's second-quarter sales were unchanged from a year ago.
"The best thing that I can tell you about the U.S. is that it's a very spotty market and we try to maintain caution around it," Hurd said.
With 70% of revenues coming from overseas its appears as though HP had 11% organic revenue growth. BUT, when you back out the currency gains "revenue in the Americas grew 2%, revenue in Europe, the Middle East and Africa grew 6%, and revenue in Asia Pacific grew 7%." Without a falling US dollar, this company is just another struggling US tech company. Expect future quarters to be substantially worse unless the dollar falls or international revenue growth starts to multiply.
