HP Q1 net profit up 6 pct to $1.8bn

In the year-ago period,the company had a net profit of USD 1.7 billion.

Written by Agencies | New York | Published:August 20, 2010 1:41 pm

Technology giant Hewlett-Packard has reported a 6 per cent rise in net profit at USD 1.8 billion for the April-June quarter,driven by growth across all geographies,especially emerging economies like India.

In the year-ago period,the company had a net profit of USD 1.7 billion,HP said in a statement.

The companys net revenues rose by 11 per cent to USD 30.7 billion during the third quarter ended June 30,2010.

HP attributed its good quarter numbers to growth across all its product lines and across all geographies,especially emerging markets.

The broad-based strength of HPs Q3 performance further demonstrates the power of our strategy and the discipline of our execution,HP Chief Financial Officer and interim Chief Executive Officer Cathie Lesjak said.

In terms of geographies,BRIC countries (Brazil,Russia,India and China) has emerged as the top performer with 21 per cent revenue growth and accounting for 11 per cent of the companys total revenue.

During the quarter,revenue from Asia Pacific operations jumped 14 per cent to USD 5.6 billion,revenue surged 9 per cent in Europe,the Middle East and Africa and rose 12 per cent in the Americas to USD 14.2 billion.

Looking ahead,the company has raised its outlook for the entire year based on investments in some new technologies.

HP estimates revenue in the range of USD 32.5 billion to USD 32.7 billion for the fourth quarter and expects revenue of about USD 125.3 billion to USO 125.5 billion for full year.

In April-June period,revenue for HPs Enterprise Storage and Servers (ESS) business grew 19 per cent over last year to total USD 4.4 billion. That includes a 31 per cent growth in industry standard server revenue.

Further,HP revenues from software business rose 2 per cent to USD 863 million. Personal Systems Group posted a 12 per cent increase in unit shipments and revenue from Imaging and Printing Group grew 9 per cent to USD 6.2 billion.

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