4:08pm -- 11% revenue growth YoY for the quarter. Personal systems sales were up 4.7%, printing and imaging revenue was up 15.3% and enterprise sales were up 9.3 % for the quarter -- all YoY figures. Also, HP repurchased $2.7 billion in its own shares during the last quarter.

4:11pm -- Mark is talking about executive changes and promotions as well as the Mercury acquisition having gone extremely well thus far. He's also overviewing HP's mobile device management solutions and other areas of HP's business.

4:13pm -- $7 billion in printing in imaging sales for latest quarter. Mark is also going over all printer segments now, from consumer to industrial to small business. Man, HP makes a lot of printers for a lot of markets! As an HPQ investor, you probably know that, though.

4:15pm -- Mark now goes into personal systems -- revenue was $8.7 billion for the quarter, with growth in every single region globally. 40% growth in personal systems YoY overall, with notebooks growing and desktops not so much. No surprise there really. I'll bet Dell sees the same results next week. HP also grew 3X times the market growth rate across the personal systems market. Very good figure there -- and at the same time, it had its best operating margins in Mark's tenure. Should Dell be worried? HP's largest revenue share for the past quarter was in personal systems, with that segment generating 34% of the company's business.

4:17pm -- Mark is now talking about technoloy solutions sales (servers, blade servers and such.) He's talking about HP investing into sales force numbers for its storage business to goose sales higher in that area. HP also saw higher gains in the EMEA and PacRim regions overall compared to the Americas, where revenue growth was quite a bit lower.

4:20pm -- HP also saw declines in its HP Services group for the last quarter, but saw increases in its HP Software segment of the business. HP Financial saw $547 million in revenue for the latest quarter as well, which was roughly flat with the Q4 quarter that preceeded this just-completed quarter.

4:22pm -- Mark is now talking about an HP early retirement program as HP continues to streamline its employee numbers across the board.

4:24pm -- Mark turns the presentation over to HP CFO Cathy ?, who begins going over the specific financials for each region and each HP business segment in detailed fashion. She's reading directly from the income statement with scripted remarks it sounds like. Total quarterly revenue was just over $25 billion for the quarter, an increase over the year-ago quarter of $22.6 billion. Operating profit was $2.2 billion for the quarter, up $457 million from the year-ago quarter as well.

4:27pm -- EPS for the quarter was $0.65 -- did this beat or meet analyst expectations?

4:29pm -- Cathy is talking about HP needing to be doing a better job in inventory management and channel distribution tied to inventory management changes.

4:31pm -- $10.4 billion in receivables at the end of the last quarter. Ouch -- someone needs to do some heavy bill collecting here. Cathy is now talking about working capital and cash on hand for HP at the end of the last quarter. Cash flow at the end of the January quarter was (-) $22 million, and Cathy is talking about HP's acquisitions and share buybacks in the last quarter that affected free cash flow for the quarter. HP now has about $10.4 billion in cash on hand as of the end of the January quarter. That's a fat bank account.

4:33pm -- Cathy is now talking about HP's decision to freeze its employee pension program as of this year, and that HP is offering an early retirement package to certain employees, and the change from a pension to a defined benefit program (read: employee pays, not HP) will happen by 1-1-08. You know, more and more private employers are freezing pensions anymore while upping contribution percentages for 401k programs. Is this a good thing? For employers, yes. Employees, not so much.

4:35pm -- $24.5 billion is the estimate for the next (current) quarter for revenue according to the CFO, with a note that Q2 revenue will decline now that HP is out of the holiday shopping season. With personal systems being the largest segment for HP, this is no surprise.

4:37pm -- the presentation ends from the CFO and a Q&A session is starting now. Again, the reminder is given for analysts to ask just *one* question only. They never pay attention, and I'll be interested to see how many multi-part questions start coming in.

4:39pm -- the first analyst question is asked. It concerns inventory, and what components affected the inventory increase and turns for the quarter. Did Windows Vista affect this (good question here). Cathy answers that inventory increases were due to inventory being "put on boats" in China and she also talks about the Chinese New Year affecting inventory since all these "boats" had to be stuffed before that celebration began. Heh. I love this -- HP's personal systems inventory (PS is its largest business segment) was screwed up by the Chinese New Year. Oh well -- at least the boats did not sink.

4:41pm -- the second question centers around how Windows Vista is going to affect PC sales in the second quarter, which is seasonally weak. Mark takes this one and says that he can talk about Q1, but Q2 guidance is very limited at this time, as HP is just a few weeks into its Q2 period.

4:43pm -- the third question concerns why revenue was so large in the personal systems segment and why HP is guiding down for Q2. Umm, the holidays are now gone (pretty simple). Seasonality answer here. Additionally, enterprise sales were down for Q1 as well (here is the second part of the question from someone that is only supposed to ask a single question).

4:46pm -- the fourth question centers on component prices for the quarter and how that may affect inventory for this current quarter. Mark says that HP feels "pretty good" about component prices, and he brings in memory (RAM) as something that is up and down in terms of prices, while CPUs and hard drives are relatively stable right now.

4:48pm -- the fifth question centers around the pension curtailment that is planned, and how that will affect cash in the near term. This question centers on specific financial numbers, and Mark giggles a bit that this question is multi-part (against the rules!), and that the HP investor relations "police" will now be dispatched. Pretty good humor here from the CEO. He then answers that the pension detail comes from cash already in the pension systems in terms of costs -- so it will have no impact on general cash flow.

4:50pm -- the sixth question centers on printer margins, and why printing is not receiving more cash infusion for newer models and technology given that the segment is growing so well with a huge profit margin. Mark answers that there is quite a bit going on and HP generally can't do everything at one in the printing and imaging segment, but HP is very pleased with that segment.

4:55pm -- one of the last questions comes in asking about Kodak's strategy to lower ink prices while keeping hardware prices stable. Mark says that HP likes its position right now and generally avoids the question completely. He does say that HP will not follow Kodak's recent ink pricing strategy.

4:57pm -- the last question for the presentation comes in. This one concerns weakness in the enterprise segment and how HP lost business in that market for the last quarter. Mark says that HP's "tape" business (tape backup systems) declined as well as core storage (hard drive-based system sales). Mark says that he does not have a direct answer, although he is "disappointed" in server sales for the past quarter, and "we gotta do better".

5:03pm -- that's it -- HP's Q1 webcast has been completed and it looks like HP had a great quarter in terms of personal system shipments (seasonally adjusted of course), although multiple areas dragged on profits for the quarter. Hope you enjoyed the liveblog -- we are outta here!