HP quarterly revenue up 8%, profits up 10% | webOS Nation

HP quarterly revenue up 8%, profits up 10%

by Derek Kessler Mon, 22 Nov 2010 7:07 pm EST

HP Logo HP today posted their fourth quarter 2010 financial results, and as expected, revenue and profits were up over the year prior. Specifically, revenue rose $2.5 billion (8%) to $33.3 billion, while profits rose 10% to $4 billion.

Bringing the fiscal year to a close, through FY2010 HP netted $126 billion in revenue (up 10% from FY2009) and profits of $14.6 billion (a 15% increase from last fiscal year). That kind of profit comes in handy when you’ve been on a buying spree. Revenue in each of HP’s major divisions was up, with the Palm-containing Personal Systems Group posting a 4% revenue increase. Palm’s contribution to the Personal System Group’s $10.3 billion in revenue was negligible: Palm falls under the 2% “other” slice in the division’s revenue pie (notebooks accounted for 55%, desktops were 38%, and workstations held down the remaining 5%).

For the next quarter, HP is estimating revenue around $33 billion, up from the $31 billion reported for the first quarter of 2010. For the entire 2011 fiscal year, HP is forecasting revenue between $132 billion and $133 billion, a 5% increase over the current year. For those concerned about new CEO Léo Apotheker, he had this to say of his first three weeks at HP: “I’ve been listening, I’ve been learning, I’ve been immersing myself in the business.”

Source: HP