HP Q2 net soars 28 pc at $2.2 bn | business | Hindustan Times
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HP Q2 net soars 28 pc at $2.2 bn

business Updated: May 19, 2010 17:21 IST
PTI
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Technology giant Hewlett-Packard has reported a 28 per cent growth in net income at $2.2 billion for the three-month period ended April 30, 2010, driven by robust worldwide sales and gains in the hardware business.

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

The company's net revenue rose by 13 per cent from the year-ago period to $30.84 billion for the second quarter ended April 30, 2010.

"HP drove double-digit revenue growth and improving profits, contributing to our twentieth consecutive quarter of year-over-year operating margin expansion," HP Executive Vice President and Chief Financial Officer Cathie Lesjak said.

"With the improving demand environment, we are accelerating investments for growth while raising our full-year outlook," he added.

The company said its revenue in the BRIC countries (Brazil, Russia, India and China) surged by 25 per cent. BRIC countries comprise 10 per cent of HP's overall revenue.

In terms of revenues, Asia Pacific region was among the best performers. Its revenue grew by 10 per cent. America's revenue was up nine per cent and the combined revenue of Europe, the Middle East and Africa was up seven per cent.

"HP had an exceptional quarter with strong performance across every region," HP Chairman and CEO Mark Hurd said.

During the second quarter, HP said the enterprise storage and server group witnessed a 31 per cent jump in revenue to $4.5 billion, while its personal systems group, which includes PCs, registered a gain of 21 per cent to $10 billion.

Further, HP said printing operations' revenue was up eight per cent to $6.4 billion and services revenue rose 2 per cent to $8.7 billion. However, the company's software segment saw a decline of 1 per cent to $871 million.

For the third quarter of fiscal 2010 the computer giant expects a revenue in the range of $29.7 billion to $30 billion.

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