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HP quarterly revenue up 11.4%

HP sees growth in printing, personal and enterprise systems in Q3FY10

HP said it had growth across all regions worldwide.
HP said it had growth across all regions worldwide.

HP has posted results for its third financial quarters, with net revenues up 11.4% year-on-year, to $30.7 billion.

Third quarter GAAP operating profit, for the quarter to end of July 2010, was up 5% to $2.3 billion. The company said that growth was mainly driven by the Enterprise Storage and Servers, Personal Systems and Imaging and Printing Groups.

Globally, HP saw growth across all regions, with non-US revenue accounting for 63% of total revenue, while EMEA region revenue was up 9%.

"The broad-based strength of HP's Q3 performance further demonstrates the power of our strategy and the discipline of our execution," said Cathie Lesjak, HP chief financial officer and interim chief executive officer. "We raised our full-year outlook and are continuing to build momentum in driving out costs, investing for profitable growth and capitalizing on HP's competitive advantages in the marketplace."

Across business groups, HP Enterprise Storage and Servers (ESS) reported total revenue of $4.4 billion, up 19%; Imaging and Printing Group (IPG) revenue increased 9% to $6.2 billion, with printer unit shipments up 16%, and Personal Systems Group (PSG) posted a 12% increase in unit shipments, with strong growth in desktop and notebook sectors, and revenue up 17% to $9.9 billion.

ProCurve revenue increased 42%, and HP Networking overall increased 198% year over year including the impact of the 3Com acquisition.

Despite record service signings, service revenue grew only 1%, to $8.6 billion, with HP Software also flat, with revenue up 2% to $863 million.