HP reports 27% rise in quarterly profits
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SAN FRANCISCO: Hewlett-Packard Co said on Tuesday its quarterly profit rose 27% as the computer and printer maker saw record revenues in every business and every region and fixed problems with its server and storage unit, sending shares higher by 8%.
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Hewlett-Packard reported solid financial results for its fiscal first quarter, driven by growth in PCs and enterprise hardware. The results prompted HP to raise its forecast for the year ahead.
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COMPUTER and printer maker Hewlett-Packard has reported record revenues in every business and every region, with quarterly profit up 27 per cent.
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First quarter profits at computer maker Hewlett-Packard jump 26% on strong PC and notebook computer sales.
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Procter & Gamble, the consumer products company, said quarterly profit jumped 14 percent, boosted by strong sales and a gain from the sale of its juice business.
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Oracle Corp  posted a 35 percent rise in quarterly profit on strong new software sales, beating expectations at a time when investors are wary that growth in technology spending may be slowing.
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Hewlett-Packard Co  on Tuesday reported higher-than-expected quarterly earnings and forecast results ahead of Wall Street targets as it sold more PCs and server computers, sending its shares up 6 percent.
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Hewlett-Packard Co. , the  world's No. 2 personal computer maker, reported on Wednesday a  forecast-beating profit on sales growth across its main  divisions and unveiled a record $6 billion share buyback.
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Hewlett-Packard reported solid financial results for its fiscal first quarter, driven by growth in PCs and enterprise hardware. The results prompted HP to raise its forecast for the year ahead.Revenue for the quarter, which ended Jan. 31, was $28.5 billion, up 13 percent from a year earlier, HP announced Tuesday. Pro forma net income was $2.3 billion, or $0.86 per share, up from $1.8 billion, or $0.65 per share, a year earlier.The figures beat the expectations of financial analysts, who had forecast revenue of $27.6 billion and pro forma earnings per share of $0.81, according to Thomson First Call. The pro forma figure excludes one-time items that slightly inflated the results. Using generally accepted accounting principles, HP&#39;s profit was $2.1 billion, or $0.80 per share.HP&#39;s Personal Systems Group, which produces its laptop and desktop PCs, grew its revenue 24 percent from the same period a year earlier, to $10.8 billion, with unit shipments up 27 percent. Notebook sales climbed fastest, up 37 percent, while desktop sales climbed 15 percent.The division had already been doing well. HP extended its lead over Dell in PC sales last year, according to figures from Gartner. HP ended the year with 18.2 percent of the market, compared with 14.3 percent for Dell. The PC market overall grew 13.4 percent.HP may find it hard to sustain that growth rate, in part because it has to make comparisons with increasingly successful quarters in the year before, CEO Mark Hurd said on a conference call. Still, Hurd said, &quot;when you look at 24 percent growth, I think that&#39;s pretty darned strong.&quot;HP&#39;s imaging and printing group performed slightly less well, with revenue climbing 4 percent to $7.3 billion. Printer unit sales declined by 1 percent from a year earlier, thanks to weakness in the consumer market. Revenue from supplies, which includes HP&#39;s profitable ink business, climbed 6 percent, however.Revenue from the servers and storage group climbed 9 percent to $4.8 billion. Sales of blades and industry-standard servers were strong, while HP&#39;s PA-RISC and Alpha chip businesses continued to shrink. Services revenue climbed 11 percent year-over-year to $4.4 billion, while software sales climbed 11 percent to $666 million, HP said.Hurd said he was pleased with the results overall. He attributed them to successful cost-cutting efforts, the addition of 2,000 new HP sales staff in the past year, and a diverse product portfolio.HP generates an increasing amount of its business overseas, he said. Its biggest market continued to be Europe, the Middle East and Africa, where revenue grew 15 percent to $12.3 billion. Asia-Pacific revenue climbed 22 percent to $4.9 billion. Growth in the Americas was a sluggish 8 percent, generating $11.2 billion.&quot;We generated 69 percent of our revenue outside the U.S., with emerging markets driving significant growth,&quot; Hurd said.The company now expects second-quarter revenue of $27.7 billion to $27.9 billion, and pro forma earnings per share of $0.83 or $0.84. That&#39;s above what analysts polled by Thomson had been estimating: pro forma profit of $0.82 and revenue of $27.4 billion.
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Hewlett-Packard Co. on Tuesday said quarterly profit topped its own lowered expectations as the computer and printer maker saw record revenues in every business
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Stocks rose on Wednesday after news  of an $11.5 billion retailing deal and solid earnings from  computer maker Hewlett-Packard Co. HPQ.N, but a rise in oil  prices caused stocks to trim gains.
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Investment manager T. Rowe Price Group  Inc. TROW.O on Tuesday said its quarterly profit jumped 25  percent on an increase in investment advisory revenue.
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SAN JOSE, Calif. _ Hewlett-Packard this week announced three initiatives to reduce workforce costs even as it reported strong growth in revenue and profit because of brisk holiday sales of consumer products such as laptops and photo printers.
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Oracle Corp  said on Wednesday  that quarterly profit rose 35 percent as new software sales  soared, beating expectations at a time when investors are  nervous that IT spending is slowing, and its shares climbed 4  percent.
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Oracle Corp. , the world&#39;s  third-largest software maker, reported on Tuesday higher  quarterly profit as sales of products it acquired over the past  year helped boost earnings.
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Oracle Corp. , the world's third-largest software maker, reported on Tuesday higher quarterly profit as sales of products it acquired over the past year helped boost earnings.
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Hewlett-Packard Co.  said on Tuesday quarterly profit rose 26 percent, helped by strong performances in its printer and personal computing businesses.