HP upbeat as posts 8pc rise in total sales

HEWLETT Packard (HP), the world’s largest personal computer manufacturer, reported fourth quarter net revenue of $33.3bn (£20.9bn) yesterday, up $2.5bn, or eight per cent, year-on-year and raised its profit forecast for next year following higher global sales and growth in its core PC business.

HP said it now expects earnings of around $5.16 to $5.26 per share on revenue of between $132bn and $133.5bn.

It reported net profit for the fourth quarter ending 31 October of $2.54bn up from $2.41bn a year earlier.

Revenue climbed 10 per cent in the Americas to $15.1bn, was up six per cent in Europe, the Middle East and Africa to $12.4bn and rose eight per cent in the Asia Pacific region to $5.8bn. Revenue from outside of the US accounted for 64 per cent of HP’s total.

Profit at the core PC business rose 23 per cent, while shipments grew two per cent. Notebook revenue fell three per cent but desktop revenue leapt 13 per cent.

Revenue at HP’s printer division jumped eight per cent, however profit remained flat. Printer revenue has stabilised recently but consumers seem to be printing less than in the past.

Léo Apotheker, HP president and chief executive officer, said: “HP proved once again that it is able to execute given its market strengths and technology leadership.

“I have seen first hand that we have talented people who are focused on delivering value for our customers. Our market opportunity is vast, and I am confident that we will extend our leadership into the future.”