HP reports 5pc profits increase

23 Nov 2010

Hewlett Packard (HP), the world’s largest personal computer maker, has reported a 5pc rise in profits as a result of corporate spending.

The three months to October brought HP stronger-than-expected US$2.5bn (€1.8bn) in earnings and the company increased its profit forecast for 2011.

Growth in commercial PC and printers sales of more than 20pc versus a year ago drove the result.

PC sales to consumers, in comparison, were down 10pc, and printer sales decreased by 2pc.

Total net revenues for the quarter were $33.3bn, up 8pc from a year ago, according to HP’s announcement, which was higher than market expectations of $32.75bn. Earnings per share for the quarter were also higher than expected, at $1.33 compared to an expected $1.27.