Personal Systems revenue fell 11% year over year with a 3.0% operating margin. Commercial revenue decreased 3% and Consumer revenue declined 22%. Total units were down 8% with Desktops units down 9% and Notebooks units down 14%. Printing revenue declined 4% year over year with a 15.6% operating margin. Total hardware units were up 5% with Commercial hardware units up 12% and Consumer hardware units up 2%. Supplies revenue was down 4%. The VAR Guy’s spin: PCs are not a growth opportunity. Period.

Enterprise Group revenue declined 9% year over year with a 15.2% operating margin. Networking revenue was flat, Industry Standard Servers revenue was down 11%, Business Critical Systems revenue was down 26%, Storage revenue was down 10% and Technology Services revenue was down 7%. The VAR Guy’s spin: Much like IBM, HP’s server business and data center efforts are under pressure from the cloud.

Enterprise Services revenue declined 9% year over year with a 3.3% operating margin. Application and Business Services revenue was down 11% and Infrastructure Technology Outsourcing revenue declined 7%. The VAR Guy’s spin: Big enterprise outsourcing projects have slowed down now that cloud applications are taking off. 

Software revenue was up 1% year over year with a 20.5% operating margin. Support revenue was up 4%, license revenue was flat, professional services revenue was down 11% and SaaS revenue was up 4%. The VAR Guy’s spin: Good to hear about some progress. But let’s wait until Whitman shares some specific cloud and Autonomy updates — perhaps that info will surface during the earnings call today.

HP Financial Services revenue was down 6% year over year with a 4% decrease in net portfolio assets and a 9% decrease in financing volume. The business delivered an operating margin of 11.3%. The VAR Guy’s spin: Our resident blogger doesn’t track this group very closely so he’ll punt on a comment here.