Hewlett-Packard has reported its fiscal Q1 2013 results. For the quarter, the company's net revenue slumped 6% on a year-over-year basis, to $28.4 billion. Non-GAAP earnings fell 12% over the same time span, to $1.6 billion ($0.82 per diluted share), from Q1 2012's $1.8 billion ($0.92).

In spite of the declines, those numbers still beat analyst expectations. On average, they projected top line of $27.8 billion, and EPS of $0.71.

CEO Meg Whitman attributed the better-than-anticipated results to "improved execution, improvement in our channel and go-to-market efforts and the impact of the restructuring program we introduced in May 2012."


HP also provided EPS guidance for current and future periods. It expects non-GAAP diluted earnings to come in at $0.80-$0.82 per share in its current quarter, and $3.40-$3.60 for the entirety of fiscal 2013.

The article HP Q1 Revenues and Net Fall, but Beat Estimates originally appeared on Fool.com.

Fool contributor Eric Volkman has no position in Hewlett-Packard. The Motley Fool has no position in Hewlett-Packard. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.

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