HP sees 30% profit increase

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HP sees 30% profit increase

Antony Savvas

HP posted a 30% increase in net profits for the first quarter ended 31 January. Net profit increased to $1.2bn (£705m) from the same period the previous year. Sales were up 6% to $22.7bn.

HP chief executive officer Mark Hurd said, “We made progress towards creating a stronger company that better serves its customers.”

Sales from HP’s services group fell, which Hurd said was the result of the company focusing on contracts that paid the best margins.

Sales rose 8% in both HP's PC group and its printer group. The server group saw sales climb 5%. Laptop sales jumped 26%.

HP has so far cut 6,500 employees from its total group headcount, since last summer’s announcement of plans to remove 14,500 from its payroll.


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