HP Reports Q4 Revenue Higher than Expected

By Jessica Davis  |  Print this article Print

Strong growth in China drove Hewlett-Packard's revenue up sequentially in the company's fourth fiscal quarter to $30.8 billion, HP says. HP announced the preliminary results the same day it said it would acquire networking equipment vendor 3Com.

Strong growth in China drove Hewlett-Packard's revenue up sequentially for its fiscal fourth quarter. The technology giant announced revenue of $30.8 billion, down 8 percent from the previous year but up 12 percent sequentially.

Earnings per share were 99 cents compared with 84 cents for the same period a year ago.

HP announced the preliminary results on Nov. 11, the same day it announced plans to acquire networking equipment vendor 3Com for $2.7 billion. HP says it will announce full results on Nov. 23.

"Solid execution drove exceptional performance for HP this quarter, fueled by significant growth in China," says Mark Hurd, chairman and CEO of HP, in a statement. "We are delivering on our strategy and are well positioned going into 2010."

Looking ahead to the first quarter of fiscal 2010, HP says it expects revenue of between $29.6 billion and $29.9 billion and diluted earnings per share in the range of 90 cents to 92 cents.

HP estimates for the full fiscal year of 2010, revenue will come in at $118 billion to $119 billion. The estimate represents an increase from the previous estimate of $117 billion to $118 billion. Full fiscal-year earnings per share is expected in the range of $3.65 to $3.75, up from the previous estimate of $3.60 to $3.70.

Jessica Davis covers the channel for eWeek and Channel Insider. Her technology journalism career began well before anyone heard of the World Wide Web and has included stints at Infoworld, Electronic News/EDN, and the Philadelphia Business Journal. Her work has also appeared on CNN and Forbes.com. She has covered hardware, software and networking, as well as the business side of technology. She has won several journalism awards, including a national ASBPE award for best staff-written column, and was named Marketing Computers hardest working tech journalist on their inaugural list of top tech journalists. Jessica can be reached at jessica.davis@ziffdavisenterprise.com

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