Hewlett Packard sees progress in key areas

Meg Whitman, president and chief executive officer at Hewlett Packard, explained the laptop maker is witnessing growth regarding new product releases and customer wins.

Ms Whitman was speaking in response to the company’s release of its fourth quarter and full year results for 2012, which revealed net revenue of $120.4 billion (£75.6 billion) was down by five per cent on the previous 12-month period.

And when adjusted for the effects of currency, this figure was found to be four per cent lower than last year.

However, Ms Whitman explained fiscal 2012 represented the first year of a “multi-year journey” to change the fortunes of the brand.

“We’re particularly pleased that in quarter four, we were able to improve our balance sheet, generating $4.1 billion in operating cash flow,” she stated.

The industry figure pointed out the group – whose laptops include the Pavilion, Ultrabook and Envy – also returned $384 million to shareholders during the period through share repurchases and dividends.