Hewlett Packard on Nov. 24 reported a solid fourth quarter on strong laptop sales, taking net profit for the full fiscal year to $8.3 billion, an increase of 15% over the previous year. The world's largest technology company reported net profit in the quarter which ended on October 31 of $2.1 billion, down 2% on the same quarter the previous year.
Revenue for the fourth quarter rose 19% to $33.6 billion taking revenue for the full 2008 fiscal year to $118.4 billion, up 13% on the previous year.
"These results demonstrate our ability to execute in a challenging market," CEO Mark Hurd said. "I am confident in HP's ability to gain share, expand earnings, and emerge from the current environment as a stronger force in the marketplace."
Hewlett Packard said revenue grew 17% in the Americas in the fourth quarter, 22% in Europe, the Middle East and Africa and 14% in Asia Pacific to $14 billion, $14.1 billion and $5.5 billion, respectively.
Hewlett Packard said revenue from laptop computers grew a healthy 21% in the fourth quarter while desktop revenue declined 2%.
Besides personal computers, Hewlett Packard is a major provider of servers, printers, software and services. It said revenue from the imaging and printing group declined 1% while revenue from storage and servers was also down 1%.
Services revenue jumped 99% to $8.6 billion, led by $3.9 billion in revenue esulting from Hewlett Packard's acquisition of computer services firm Electronic Data Systems.
Copyright Agence France-Presse, 2008