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HP News Desk HP Posts Hurd’s Last Quarter
Mark Hurd had "left HP in great shape,” said his interim replacement CFO Cathie Lesjak
By: Maureen O'Gara
Aug. 21, 2010 04:30 PM
Hewlett-Packard posted Mark Hurd’s last quarter Thursday delivering earnings up 6.1% to $1.77 billion, or 75 cents a share, on revenues up 11.4% to $30.7 billion, a tad better than what the company projected the numbers would be on August 6 when the board forced Hurd to resign. Its operating margin fell from 8% to 7.6% It repeated that it would do $1.25-$1.27 on $32.5 billion-$32.7 billion this quarter.
Revenue from services, however, on which much of the company’s vaunted strategy depends, was up only 1% to $8.6 billion. PCs were up 17% to $9.9 billion on unit shipments up 12% while profits were up 21%. Notebook revenue was up 10%, while desktop revenue was up a surprise 27%. Commercial client revenue was up 25%, while consumer client revenue increased 12%. PC chief Todd Bradley said there was some “softness” in the laptop sector and that back-to-school sales started late. HP’s Enterprise Storage and Servers (ESS) business was up 19% to $4.4 billion. Industry standard server revenue increased 31%, with storage up 10% and business critical systems revenue down 15%. Blade revenue was up 29%. Software revenue increased 2% to $863 million. Printer revenue increased 9% to $6.2 billion while profits were up 4.2% Supplies revenue was up 5%, while commercial hardware revenue and consumer hardware revenue increased 28% and 4%, respectively. Geographically third-quarter revenue was up 12% in the Americas to $14.2 billion. Revenue was up 9% in EMEA to $10.9 billion and up 14% in Asia Pacific to $5.6 billion. Revenue from outside of the US accounted for 63% of total revenue, with revenue in the BRIC countries up 21% or 11% of total HP revenue. Reader Feedback: Page 1 of 1
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