HP grows Q3 revenue


HP grows Q3 revenue

Hewlett-Packard (HP) has reported solid third quarter revenue growth, boosted by sales in its Personal System Group.

However, it said that performance in its Enterprise Servers and Storage group was "unacceptable" and that it would make immediate management changes.

Revenue in the quarter ended 31 July rose to $18.89bn (£10.39bn) up 9% from $17.35bn in Q3 last year, according to preliminary, unaudited figures.

Net income came in at $586m for the quarter, compared to $297m a year ago.

Pro-forma earnings per share, excluding exceptional items, rose to $0.24 from $0.23 on Q3 last year.

Analysts surveyed by Thomson First Call expected earnings of $0.31 a share on revenue of $19.02bn.

HP's Personal Systems Group made a strong showing, with revenue of $5.9bn, up 19% year on year, driven by increased desktop sales.

For the fourth quarter, HP predicts its revenue will be between $21.0bn and $21.5bn, with pro-forma earnings per share in the range $0.35 to $0.39.

Peter Sayer writes for IDG News Service



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