HP to Report $28.5 Billion in Q1 Revenue

Hewlett-Packard has just published its revenue for the three month period that ended on January 31st. The posted revenue looks more like bragging about it than delivering public information, but that's what happens when your pie charts show net revenue of $28.5 billion.

Described as "strong results", Hewlett-Packard's revenue was $28.5 billion, which accounts for a 13 percent raise when compared to the previous year. The net income was $2.3 billion, or $0.86 per share, up from $1.8 billion, or $0.65 per share, a year earlier.

The final financial figures beat the financial analysts' expectations, that estimated a total revenue of $27.6 billion with pro forma earnings per share of $0.81. The company's laptop and desktop PC computer division witnessed a 24 percent increase in its revenue, while notebook sales climbed to 37 percent. Desktop sales accounted for only 15 percent.

The final results can be attributed to steady revenue growth on the American market, which climbed 8%. Europe and the Asia-Pacific region brought substantial revenue due to a double-digit increase of 15 and 22 percent, respectively.

"We are raising our guidance yet again, reflecting our confidence in anticipated cost reductions and share gains in key markets," said Mark Hurd, HP chairman and chief executive officer. "We added more than 2,000 sales positions in the past year through acquisitions and hiring. HP remains well positioned for profitable growth as we continue to focus on our numerous cost initiatives and improve our market coverage."

Most of HP's business is generating an increasing amount of revenue overseas. The biggest markets for HP's products are Europe, the Middle East and Africa, that brings about $12.3 billion revenue. The Asia-Pacific revenue accounted for $4.9 billion, while the American market brought $11.2 billion.

According to Hurd, the company was pleased with its financial performance. He also claimed that the success was the result of the company's cost-cutting efforts, the addition of 2,000 new HP sales staff in the past year, and a diverse product portfolio.