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Services offer HP respite.

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Palo Alto: HP's consulting and services business offered modest resilience in an otherwise traumatic year, the firm's latest financial figures reveal.

This week HP, which removed its CEO in September and subsequently reversed a decision to sell its PC arm, reported fourth quarter earnings down 91% to $0.2 billion on revenue down 3% to $32.1 billion.

In the full year to October 31st earnings were down 19% to $7.1 billion on revenue up 1% to $127 billion.

However HP saw services revenue of $9.3 billion in the quarter, up 2%, with a 12.8% operating margin. Technology Services and Application Services revenue grew 3% and 2%, respectively, while IT Outsourcing revenue grew 1% and Business Process Outsourcing revenue declined 2%.

New CEO Meg Whitman said the firm had to go back to basics in 2012 and ruled out major acquisitions.

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