HP posts jump in profit, revenue

09:33, May 19, 2010      

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Hewlett-Packard Co. (HP) on Tuesday reported double-digit increases of both profit and revenue in its most recent quarter, which indicated improving corporate and consumer demand for computers.

In the three months ended on April 30, HP's net income jumped 28 percent year-on-year to 2.2 billion U.S. dollars. Excluding some costs, earnings per share was 1.09 dollars, compared with 86 cents in the same period a year earlier.

Revenue for the quarter was 30.8 billion dollars, an increase of 13 percent from last year, the world's largest personal- computer (PC) maker said.

The results topped analysts' expectations. According to estimates compiled by Bloomberg, analysts on average projected earnings per share of 1.06 dollars on revenue of 29.8 billion dollars.

The company's enterprise storage and servers unit posted a 31- percent gain in revenue in the quarter, and its PC division also saw revenue jumping 21 percent from a year ago.

"HP had an exceptional quarter with strong performance across every region," Mark Hurd, the company's chief executive officer, said in a statement.

HP noted that it witnessed double-digit year-over-year revenue growth across all regions, with Asia Pacific region posting the largest gain of 19 percent.



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