It has a modern magnet closure and the overall quality feels good but lacks the finesse of a bag to last decades. Even so, affordable style shouldn’t be sniffed at. Available in Golden Tan or Hunter Dark finishes.The revenue from newer converged storage systems (3PAR, StoreOnce, StoreAll, etc) rose 5.3 per cent over the year to $356m (from $338m), but traditional storage revenues (EVA, MSA, tape) slumped 18.3 per cent to $384m (from $470 million).Overall storage revenues of $740m were 8.4 per cent down on the year-ago's $808m. It wasn't the worst part of HP's Enterprise Group business, where revenues declined one per cent on the year to $6.6bn.Business Critical Systems' revenue shrank by 15 per cent and networking revenue was down 16 per cent.So, newer storage systems revenue failed to grow past the trad systems, and overall quarterly storage revenue carried on declining, as it has done for 12 quarters or so.At least things aren't as bad as the latest NetApp storage results but the pattern of continued, multi-year decline prompts the same basic question; if what you have been doing isn't working what are you going to do to re-ignite growth?

While CEO Meg Whitman is occupied with splitting HP into two, there is not much exec mindshare focussed on getting the storage business out of its slump.Stifel MD Aaron Rakers notes: "HP's reported storage revenue ... is down eight per cent year-on-year (12 per cent sequentially) versus combined EMC, IBM, HDS, and NetApp storage revenue at -2 per cent. EMC reported total storage product-only revenue at -5 per cent year-on-year, while IBM reported -2 per cent year-on-year recently; NetApp reported branded revenue declined seven per cent year-on-year in its April quarter."He said "HP expects that continued growth in converged storage will drive a return to overall storage growth in constant currency in the second half of 2015."There was some comfort for HP in this point: "3PAR was the fastest-growing all-flash array in 2014 according to Gartner, growing a fantastic +1,000 per cent from $8.8m revenue in 2013 to $102m in 2014, capturing seven per cent market share behind EMC, Pure, IBM and NetApp."

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