HP sees Americas revenues grow 6% to US$14.4bn for fiscal Q1

Wednesday, February 23, 2011

HP (NYSE: HPQ) saw revenues in the Americas grow 6% to US$14.4bn during its fiscal first quarter, ended January 31, according to financial results released by the company.

Revenues from Brazil, Russia, India and China (BRIC) grew 11% during the quarter and accounted for 11% of HP's total revenue. HP said the accelerated growth seen in BRIC countries, as well as balanced growth in all regions, was driven by momentum in the commercial sector as businesses continued to spend on technology.

Global net profits for 1Q11 were reported at US$2.6bn, up 16% year-over-year compared with net profits of US$2.3bn during 1Q10. HP saw its revenues grow 4% from US$31.2bn in 1Q10 to US$32.3bn in 1Q11.

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HP said it estimates fiscal 2Q11 revenues of some US$31.4bn-31.6bn and yearly revenues for 2011 to be in the range of US$130bn-131.5bn. The company said it will focus on leveraging its recently announced cloud and connectivity offerings to extend its leadership and accelerate growth.

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