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HP More Optimistic after Profits Rise

Strong Xmas sales of PCs and printers have seen a 25% rise in the profits of Hewlett-Packard (HP). Its net profit for the three months to 31 January totalled $2.32bn (£1.48bn), compared to $1.86bn for the same first quarter period a year earlier. Revenues were up 8% to $31.2bn, higher than market predictions. The company has subsequently raised its profit prediction for its current financial years, from its previous estimate of between $4.25 and $4.35 per share to $4.37 to $4.44.

The figures were read positively by analysts for the computer industry. “We’re seeing it right now in the numbers here,” said computer analyst Louis Miscioscia of Collins Stewart. “I think 2010 is going to be a good year for tech.”

Not, perhaps, for 6,700 ex-HP employees who lost their jobs last year in cost-cutting measures to strengthen the company’s profitability.

 

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