HP posts rise in profit

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HP posts rise in profit

Kathleen Hall

HP has recorded a sales increase of 11.4% to $30bn compared to the previous year, with profit up 6% to $1.8bn. This is despite boardroom chaos over the resignation of Mark Hurd (pictured) following a sexual harassment probe - although the probe found no violation of the company's sexual-harassment policy.

Hurd has been temporarily replaced by the company's chief financial officer Cathie Lesjak. But no mention of his resignation was made in the company's third quarter financials to July 31.

"The broad-based strength of HP's Q3 performance further demonstrates the power of our strategy and the discipline of our execution. We raised our full-year outlook and are continuing to build momentum in driving out costs, investing for profitable growth and capitalizing on HP's competitive advantages in the marketplace," said Lesjak.

Following its acquisition of EDS for $13.9bn, services revenue increased 1% to $8.6bn. HP's Enterprise storage and servers division was among the areas showing the strongest growth, up 19% to $4.4bn.

For the full year, HP expects revenue in the range of $125.3bn to $125.5bn.


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