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SOFTWARE INDUSTRY NEWS |
HP reports first quarter 2010 Results |
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HP today announced financial results for its first fiscal quarter ended Jan. 31, 2010, with net revenue of $31.2 billion, up 8% from a year earlier and up 5% when adjusted for the effects of currency. First quarter net revenue of $31.2 billion, up 8%, or $2.4 billion, from a year earlier, while operating profit was up 20% to $3 billion. Diluted earnings per share of $0.96, up 28% from $0.75 a year earlier. The company clocked double-digit year-over-year growth in printers, industry standard servers and PCs, while notching up cash flow from operations of $2.4 billion, up 114%, or $1.3 billion from the prior year. It also raised its full-year outlook.  HP Software revenue was flat at $878 million. Business Technology Optimization revenue decreased 1% and other software revenue increased 1%. Operating profit was $167 million, or 19.0% of revenue, up from $140 million, or 15.9% of revenue, in the prior-year period. Geographically, first quarter revenue was up 9% in the Americas to $13.6 billion, up 1% in Europe, the Middle East and Africa and 26% in Asia Pacific to $12.1 billion and $5.4 billion, respectively. Mark Hurd, HP chairman and CEO said HP was well positioned to outperform the market. “The strength of our portfolio, leaner cost structure and accelerating market momentum give us the confidence to raise our full-year outlook.” Raising its outlook for forthcoming quarters and the full year, the company said that for the second quarter of fiscal 2010, it expects revenue of approximately $29.4 billion to $29.7 billion, and GAAP diluted EPS in the range of $0.89 to $0.91. HP said it estimates full year fiscal 2010 revenue will be approximately $121.5 billion to $122.5 billion, up from its previous estimate of $118 billion to $119 billion. It expects full year fiscal 2010 GAAP diluted EPS to be in the range of $3.79 to $3.86, up from its previous estimate of $3.65 to $3.75. |
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