Hewlett-Packard’s Profits Down 6% in First Quarter

Hewlett-Packard reported first-quarter net earnings of $109 million, a 6% decrease from the corresponding period of 1985.

The company said revenue totaled nearly $1.6 billion for the quarter, compared to $1.53 billion in the same period last year, while international revenue was up 5% to $681 million for the latest period.

H-P President John A. Young said: “We’ve made good progress in reducing the cost of goods sold as a percent of revenue. It benefited from the effects of significant manufacturing efficiencies and international pricing decisions.”