HP sees revenues grow 1% to US$31.2bn for fiscal Q3

- Friday, August 19, 2011

HP sees revenues grow 1% to US$31.2bn for fiscal Q3

HP (NYSE: HPQ) saw revenues grow 1% to US$31.2bn during fiscal third quarter, ended July 31, according to financial results released by the company.

Global net profits for Q3 were reported at US$1.9bn, up 9% year-over-year compared to US$1.8bn for the same period a year ago.

According to the statement, third quarter revenue for the Americas was flat year-over-year at US$14.1bn. However, when adjusted for the effects of currency, revenue was down 2% in the region.

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Revenues from Brazil, Russia, India and China (BRIC) were US$3.7bn, up 12% over the year-ago period, accounting for 12% of total HP revenue.

According to the company, HP will discontinue operations for webOS devices, specifically the TouchPad and webOS phones, as the devices have not met internal expectations or financial targets.

HP said it will continue "to explore options to optimize the value of webOS software going forward."

For the fourth quarter of fiscal 2011, HP expects revenue of US$32.1bn-32.5bn.

Use this link to view the full results.