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HP posts bigger profits and smaller headcount

HP saw net profits increase by 9% to $966m (£522m) for its second quarter ending 30 April - the first quarter under the...

HP saw net profits increase by 9% year on year to $966m (£522m) for its second quarter ending 30 April - the first quarter under the leadership of new chief executive Mark Hurd.

Total group sales were also up 7% to $21.57bn compared with the second quarter last year.

During the quarter HP continued to cut jobs to reduce costs and took a $177m charge to pay for redundancies. The company is making redundancies in both its storage and server group and its printing and imaging operation.

HP said 1,900 employees in the printing and imaging business alone had signed up to a voluntary severance scheme.

Hurd, who took over the top role from ousted Carly Fiorina, said he would be seeking to increase operating efficiency and profitability in all divisions, including printing and imaging, which is a major profit centre for HP, having posted operating profits of $814m for the quarter.

HP this week announced a major expansion in its storage product line, including its entry into the network-attached storage market.   

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