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February 17, 2010

HP Q1 revenues up 8%, raises outlook

Enterprise storage and servers revenue up 11% to $4.4bn

By CBR Staff Writer

HP has reported net revenues of $31.2bn for the first quarter of fiscal year 2010, an increase of 8% compared to $28.8bn for the same period last year.

Operating margin was 9.6%, an increase of 0.9 percentage points compared to 8.7% for the same period last year. Net earnings for the quarter were up by 25% to $2.3bn, compared to $1.9bn for the same period a year ago.

Services revenue decreased 1% to $8.7bn, infrastructure technology outsourcing revenue was $3.9bn while technology services, application services and business process outsourcing revenue was $2.4bn, $1.5bn and $734m, respectively.

Revenue from enterprise storage and servers increased by 11% to $4.4bn, software revenue was flat at $878m, imaging and printing group revenue increased 4% to $6.2bn while revenue from personal systems group increased 20% to $10.6bn.

Geographically, Americas revenue was up by 9% to $13.6bn, revenue Europe, the Middle East and Africa rose by 1% to $12.1bn while revenue from Asia Pacific was up by 26% to $5.4bn.Revenue from outside the US accounted for 65% of the total revenue.

Cathie Lesjak, executive vice president and chief financial officer of HP, said: Solid performance across the business and disciplined execution on our cost initiatives contributed to strong growth in cash flow and EPS. We will continue to invest for growth and leverage our scale and global position to take advantage of an improving demand environment.

HP anticipates revenue to be in the range of $29.4bn to $29.7bn in second quarter of fiscal 2010. For full fiscal year 2010, it expects revenue to be approximately between $121.5bn and $122.5bn, up from its previous estimate of $118bn to $119bn.

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