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HP profits and revenue fall, corporate split incoming

Hewlett-Packard’s profits and revenue fell – but an official corporate split in November is designed to stop the rot.

Hewlett-Packard headquarters in Palo Alto, California

Hewlett-Packard headquarters in Palo Alto, California

Revenue for the quarter ended 31st July (Q3 fiscal 2015) dropped 8% to $25.3 billion, while profit decreased by 13% to $854 million.

It’s the 16th consecutive quarter where revenue has fallen. The poor run of results is attributed to HP’s battle to adapt to change – namely from PCs to tablets and smartphones, and from onsite IT equipment to the cloud.

HP said last October that it planned to split itself in two. This will be one of the largest corporate separations in history, and HP says it will allow each division to be more focused and able to react faster to market changes.

Inc. and Enterprise

The two companies will be HP Inc., which will sell its PCs and printers, and HP Enterprise, which will sell its technology services, cloud services and data centre products.

The split becomes official on 1st November this year, but HP says it is already effectively operating as two distinct companies.

Exact figures for HP’s ventures into core banking software and integration are not available at present – they only form a very small part of its huge operations – but the company has enjoyed some successes in this field.

In May this year, Leeds Building Society turned to an HP-led group of suppliers to overhaul its online banking. Those suppliers are Tibco for business process management (BPM), Numéro for channel customer experience management, and Infor for interactive campaign management. The solution includes a number of HP components and delivery by HP is via the cloud.

A few months before, in March 2015, it was reported that Société Générale chose HP as an integration partner for its core banking software modernisation project.

While in September last year, HP took over the assets of ZIS d.o.o, the Belgrade-based IT subsidiary of Hypo Alpe Adria Bank. In doing so it gained a hosted version of Temenos’ T24, which it will offer on a commercial basis, along with a non-hosted version. It has also taken over the running of the four Balkan implementations of T24 at the troubled bank.

Meanwhile, HP is also persevering with its IBIS3G core system in Switzerland, aiming to build a banking-as-a-service ecosystem.

By Antony Peyton.

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