HP beats street, raises outlook
By Franklin Paul |
May 20, 2010, Thursday
|
Print Edition
Print Edition
HEWLETT-PACKARD Co's quarterly results beat expectations and it raised its full-year earnings outlook on demand for personal computers and servers as well as a resurgence in its printing business.
Shares in the company, whose sales had a surprise rebound in Europe, jumped nearly 3 percent after hours on Tuesday.
Analysts say the world's largest technology company by sales is poised to ride an expected surge in corporate spending in 2010 as businesses replace old equipment.
HP reported on Tuesday an 8 percent jump in fiscal second-quarter revenue from its printing division, double the growth in the first quarter. The division accounts for about one-fifth of HP's revenue but a third of operating profit.
Higher-margin revenue from printing supplies climbed 6 percent from 1 percent previously.
Addressing concerns from analysts about a slight slowdown on unit sales of laser printers in the quarter, the company said demand is "very strong."
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