Foreign sales boost HP earnings
Posted by admin on 19 August, 2008 under Business news | 
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Hewlett-Packard (HP), the world’s largest computer computer, has seen its quarterly profits boosted by robust international sales.
The firm saw profits for the three months to 31 July reach $2.5bn (£1.3bn), up from $1.78bn in the same period a year earlier.
Revenue from outside the US accounted for some 68% of the total, with particular strength in Asia.
Computer firms have targeted overseas markets as the US economy has cooled.
Lou Miscioscia of Cowen said: “Many had expressed concerns that HP’s results were going to start to be affected by the economy, but HP had solid numbers.”
Europe, Middle East and Africa saw revenue climb 5%, while revenue in Asia Pacific was 8% higher.
The Americas saw revenue up 3%.
The personal systems group saw revenue of $10.3bn, marking a rise of 15% and revenue from notebooks was 26% higher year-on-year.
Jason Pride of Haverford Trust said HP seemed to be “a standout”.
“The only other company that has a similar ability to stand out is IBM, but that’s a very different story, a story of transitioning to a more service-oriented approach.
“But HP is still primarily a hardware provider, and in that space, they are absolutely a standout.”
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