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HP server group sees profit in Q4

HP server group sees profit in Q4

Hewlett-Packard Co.'s troubled Enterprise Storage and Servers group bounced back to profitability during its most recent financial quarter, and the company as a whole saw revenue rise 8 percent to US$21.4 billion, the Palo Alto, California, company reported Tuesday.

HP's net earnings for its fourth fiscal quarter, which included $136 million in after-tax adjustments, were $1.2 billion, or $0.41 per share. This exceeded analyst expectations of $0.37 per share compiled by Thomson First Call. HP's total revenues were also slightly ahead of Thomson's estimates, which had been $21.1 billion, according to a survey of 18 financial analysts.

Excluding the adjustments, HP's net earnings were $1.1 billion, or $0.37 per share.

The Enterprise Storage and Servers group reported an operating profit of $107 million and a 7 percent increase in revenue. Several key executives in that group were fired last quarter following a botched order processing system migration. The group recorded $4.1 billion in revenue for the quarter.

HP Services reported a profit of $367 million, with revenues up 13 percent from the previous year to $3.7 billion.

The company's Imaging and Printing Group reported a profit of $1.1 billion on revenues of $6.5 billion. HP sold 14 million printers during the quarter, but total revenue was up only 5 percent from the year-ago quarter.

HP's storage division continued to struggle. Networked storage revenue was down 9 percent, year-over-year, the company said.

The company will hold a conference call Tuesday afternoon to discuss its results.


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