InternetHP Beats the Street

HP's better than expected results provide the latest evidence that IT spending is defying the downturn.

Hewlett-Packard (NYSE: HPQ) posted better than expected results and guidance after the close on Tuesday, fresh evidence that IT spending continues to defy the year-long economic downturn. HP reported non-GAAP earnings of 86 cents a share, 3 cents better than Wall Street analysts expected. The company's sales rose a better than expected 10% to $28 billion, and the company's current quarter guidance of $1.01-$1.03 per share earnings on $30.2-$30.3 billion in revenues was also a little above forecasts. Not surprisingly, much of the growth came from outside the U.S., thanks to currency benefits and a stronger global economy, with Europe, the Middle East and Africa (EMEA) and Asia Pacific revenues up 16% and 14%, respectively. U.S. revenues, meanwhile, grew 4%. 68% of HP's sales now come from outside the U.S. Revenue in the fast-growing "BRIC" countries (Brazil, Russia, India and China) grew 24% and accounted for 10% of total revenues. Notebook sales rose 26% and desktop revenues 6% as Personal Systems revenues hit $10.3 billion. Imaging and printing revenues grew 3% to $7 billion, and enterprise server and storage sales were up 5% to $4.7 billion. Software sales were up 29% to $781 million. Services revenues grew 14% to $4.8 billion — and will become an even bigger part of the... [ Read more on www.internetnews.com ]

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