HP announced first quarter net revenue of $26.8 billion was down 5% from $28.2 billion in the prior-year period and down 2% on a constant currency basis. Net earnings of $1.37 billion were down 4% from $1.43 billion a year earlier.

HP said Financial Services net revenue in the first fiscal quarter of $803 million was down 7.7% from $870 million in the same year-ago quarter.

HP said Financial Services reported a 1% decrease in net portfolio assets and a 14% increase in financing volume. The business delivered an operating margin of 11.2%.

“With the first quarter of fiscal 2015 now behind us, the HP turnaround remains on track,” said Meg Whitman, chairman, president and chief executive officer, HP. “We grew operating profit margins across all of our major business segments, increased investment in innovation, and executed well across key areas of our portfolio and in our separation activities. Our progress continues as we head into Q2.”

Whitman added, “The U.S. dollar has strengthened considerably since HP last provided an FY15 outlook in November, 2014. As is the case with many U.S. based companies, this currency challenge is having a significant impact on HP’s financial outlook.”

To view the full HP news release, click here.