Hewlett-Packard Profit Surges as Tech Spending Revives

Revenue increased 13% to $30.8 billion

Hewlett-Packard posted better-than-expected quarterly results on May 18 as technology spending revived across all markets. The world's largest personal computer maker reported a second-quarter net profit of $2.2 billion compared with $1.7 billion in the same quarter a year ago.

Revenue increased 13% to $30.8 billion, surpassing the $29.82 billion expected by analysts.

"HP had an exceptional quarter with strong performance across every region," HP CEO executive Mark Hurd said. "Our customers are responding," Hurd said, adding that he was "confident in the enormous opportunity that lies ahead."

HP said it expects full-year revenue growth of approximately 8%-9% in fiscal 2010.

The Palo Alto, California-based company said revenue rose 11% in the Americas in the quarter to $13.5 billion and was 11% higher in Europe, the Middle East and Africa at $11.8 billion.

Revenue was up 19% in the Asia Pacific region at $5.5 billion.

HP said personal computer sales rose 20% in volume during the quarter and 21% in value to $10 billion. Revenue from notebook computers rose by 17% and desktop revenue was up 27%.

Revenue from HP's services division increased 2% to $8.7 billion while revenue from its Enterprise Storage and Servers division was up 31% to $4.5 billion.

Revenue from HP's Imaging and Printing Group increased eight percent to $6.4 billion.

Copyright Agence France-Presse, 2010

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