HP results higher than anticipated

Vendor claims it is well positioned to make further progress

Written by Doug Woodburn

CRN, 20 Nov 2007

HP put a smile back on the face of US investors this morning by posting better than expected results for its fiscal fourth quarter.

The technology mammoth saw overall revenues surge 15 per cent year-on-year - or 11 per cent adjusting for currency effects - to $28.3bn for the three months to 31 October. GAAP operating profit hit $2.6bn for the quarter.

HP’s flagship Personal Systems Group led the way with a 30 per cent turnover spike.
HP Software was also labelled a star performer after it doubled revenue during the quarter to $698m.

Breaking the results out by geographies, EMEA held its own with a 12 per cent revenue rise after adjusting for the weak dollar. The US grew nine per cent, while Asia Pacific leapt 14 per cent.

Mark Hurd, chief executive officer at HP, said: “Strong performance across our businesses was highlighted by sharp improvement in our software segment.

“We have added over $12bn of new revenue this year. While we still have more work to do, HP is well positioned to make further progress in the marketplace.”