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HP gets 15% rise in net profit

23 February 2011 08:27 (UTC +04:00)

Baku - APA-Economics. Hewlett-Packard Co. on Tuesday reported first quarter net income of $2.6 billion, or $1.17 a share, compared to $2.3 billion, or 93 cents a share in the same period last year, Bizjournals reported.

Palo Alto, Calif.-based HP (NYSE: HPQ) -- one of Colorado’s biggest tech employers -- had revenue of $32.3 billion, up 4 percent from the year-ago quarter’s $31.2 billion.

Excluding items, the company would have earned $3 billion, or $1.36 a share, compared to non-GAAP earnings in the same period last year of $2.6 billion, or $1.07 a share.

Analysts expected, on average, earnings of $1.29 a share on $33 billion in revenue.

â€œIâ€™m pleased with our EPS and margin expansion during the quarter. Going forward, we have the opportunity to further capitalize on our customersâ€™ demands for higher value-added solutions,â€ said LÃ©o Apotheker, HP president and chief executive officer. â€œHP has a powerful portfolio, including exciting, recently announced cloud and connectivity offerings. We are focused on leveraging these strengths to extend our leadership and accelerate growth.â€

First quarter revenue was up 6 percent in the Americas to $14.4 billion. Revenue was flat in Europe, the Middle East and Africa and up 7 percent in Asia Pacific to $12.1 billion and $5.8 billion, respectively.

When adjusted for the effects of currency, revenue was up 5 percent in the Americas, up 4 percent in Europe, the Middle East and Africa and up 2 percent in Asia Pacific.