Hewlett-Packard said its HP Financial Services unit revenue for the three months ending April 30, 2014 was $867 million down 1.6% from $881 million a year earlier. Fiscal year-to-date revenue of $1.74 billion was down from $1.84 billion compared to the same six-month period one-year ago. Pre-tax income for the three-and six-month periods was $99 million and $200 million compared to $97 million and $198 million, respectively.

HP noted that HP Financial’s financing volume was up 12% year-over-year; net portfolio assets of $3.1 billion was down 2% from last year.

In her commentary on HP’s fiscal Q2 performance, Meg Whitman, president and CEO said, “In May 2012, HP adopted a multi-year restructuring plan designed to simplify business processes, accelerate innovation, lower costs and deliver better results. HP previously estimated that 34,000 positions would be eliminated in connection with the plan. As HP continues to reengineer the workforce to be more competitive and meet its objectives, the previously estimated number of eliminated positions will increase by between 11,000 to 16,000.

To view the Hewlett-Packard news release, click here.