Computer and printer giant HP today reported a 5pc increase in year-over-year revenues of US$22.6bn as a result of most of the company’s business units reporting year-over-year revenue increases. The company predicts year-end revenues for 2006 of around US$91bn.
For the quarter HP turned in an operating profit of US$1.7bn. “HP delivered another solid quarter,” commented Mark Hurd, HP chief executive officer and president.
“We grew revenue, expanded margins and generated record cash flow. At the same time we continued to remain focused on executing our strategy and investing in the company’s long-term success,” Hurd said.
The company’s Personal Systems Group grew revenue 10pc on the year to US$7bn, the Imaging and Printing Group grew revenues 5pc to US$6.7bn, the Enterprise Storage and Servers Group grew revenues by 2pc to US$4.3bn and the Software Group grew revenues 20pc US$330m.
The HP divisions that saw a decline in revenue were HP Services, which saw revenues decline by 2pc on the year to US$3.9bn and HP Financial Services, which saw revenues decrease 5pc year over year to US$518m.
In its outlook for the next quarter, HP said that it estimated Q3 revenue to be around US$21.7bn and full-year revenues for 2006 to reach US$91bn.
By John Kennedy