Hewlett-Packard Inc. (NYSE: HPQ) reported its first quarter earnings for fiscal year 2016. (Fiscal year end with October) In line with our expectation, HPQ’s revenues declined by 12% (5% in constant currency) to $12.2 billion.   The company delivered $0.36 in non-GAAP diluted earnings per share, marginally down from the year-ago quarter. The company attributed the decline in revenues to the appreciation of the U.S. dollar and soft demand in the printer and PC industry. In this note, we review the earnings for the company.

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