(Source: Datamonitor)
Hewlett-Packard has reported a 14% increase in net income to $2.03 billion for the third quarter 2008, on revenue up 10% at $28.03 billion. The growth was attributed to strong notebook PC sales and international business.
Operating income during the quarter grew 20% to $2.52 billion, while diluted EPS grew 21% to $0.82.
The company said personal systems revenue grew 15% to $10.3 billion, while imaging and printing revenue increased 3% to $7 billion. Enterprise storage and server revenue rose 5% to $4.7 billion, while services revenue grew 14% to $4.8 billion. Software revenue grew 29% to $781m, and financial services revenue rose 17% to $680m.
Geographically, Americas revenue grew 4% to $11.6 billion, EMEA revenue rose 16% to $11.2 billion, and Asia Pacific revenue increased 14% to $5.2 billion.
During the quarter, the company agreed to acquire Electronic Data Systems for about $13.9 billion to strengthen its IT service business.
Mark Hurd, chairman and chief executive at HP, said: "By accelerating our enterprise growth and executing well across the portfolio, HP delivered a strong third-quarter performance. Our global position, broad product and services offerings, and incremental cost-saving opportunities make us confident that we'll continue to meaningfully expand earnings."
Looking ahead to the fourth quarter, it expects revenue between $30.2 billion and $30.3 billion and diluted EPS between $0.95 and $0.97.
