HP hits US$30.7bn in revenue for Q3 2010


20 Aug 2010

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Hewlett-Packard reached US$30.7bn in revenue for the third quarter of 2010, up 11.4pc from last year.

Net profit rose to US$1.8bn, or US$0.75 per share, excluding legal settlement and taxes costs.

The Enterprise Storage and Server division’s revenue hit US$4.4bn, up by 19pc from last year.

Services revenue increased by just 1pc to US $8.6bn. Personal Systems Group revenue increase by 17pc, rising to US$19.9bn.

Printer revenue reached $6.2bn, up 9pc, and software revenue rose by 2pc to US$863m.

HP previewed these earnings earlier this month on the same day it announced the resignation of CEO Mark Hurd. This was due to a sexual harassment accusation against him made by a former contractor, which eventually lead to a settlement.

Cathie Lesjak, interim CEO, said that they were unlikely to change HP’s strategy when it appoints a new CEO for the company.

"When you have a winning strategy I don’t see the motivation to change it, and that’s what we have here,” she said.

Lesjak also stated that the company are “looking forward, not back” over the next coming months.

“We see an extraordinary opportunity ahead and we’re working at full speed to go and get it," Lesjak said.

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