Monday 23 November 2009 7:00 pm

HP triples its stock buybacks

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HEWLETT-PACKARD tripled the size of its share repurchase programme to $12bn (£7.2bn), after a strong performance in China and improved profit margins in its services business helped boost quarterly earnings.

The US computer firm also posted fourth quarter earnings up 14 per cent after cost cuts.

The business reported a net profit of $2.4bn, up from $2.1bn in the year-ago period. Sales fell eight per cent to $30.8bn.

As it forecast earlier this month, HP expects full-year 2010 sales to be between $118 to $119bn.