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Friday, 21 February 2014 09:40

HP does better than expected

Written by Nick Farrell


 
Better year ahead predicted

Maker of expensive printer ink HP has said that its revenue fell less than Wall Street expected in the first quarter and it raised its outlook for fiscal 2014 earnings. The computing giant grew sales at its two largest businesses and predicted a better year ahead.

It seems that HP has finally broken its losing streak in its PC-focused personal system group with a 4 percent gain in revenue. Chief Executive Office Meg Whitman told analysts that the company saw corporations and agencies beginning to replace ageing computers in the quarter, while Microsoft's decision to end support for its Windows XP operating system also prompted PC upgrades.

Business at its enterprise group, edged a percent higher as server sales fared better than analysts had expected. Chief Executive Officer Meg Whitman said growth in revenue and operating margins in that crucial division was "possible," provided demand from enterprises holds up. Whitman, who took the helm of the HP more than a year ago, has said she expects revenue to stabilize in 2014, with some areas of growth for the company.

On Thursday, HP raised the lower end of its full-year earnings outlook slightly, to $3.60 to $3.75 versus a previous forecast for $3.55 to $3.75. For the first quarter, HP posted revenue of $28.2 billion, down slightly from $28.4 billion a year earlier and beating expectations for about $27.2 billion.

 

Nick Farrell

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