HP quarterly revenue up 13 percent to $30.8 billion
The tech giant slightly beats Wall Street expectations for the second quarter of 2010.
Hewlett-Packard slightly beat expectations with another positive quarter as revenue climbed 13 percent from a year ago to $30.8 billion.
That amounted to second-quarter 2010 earnings per share of $1.09, up from 86 cents per share from the same quarter a year ago. That doesn't include the 18 cents per share after-tax costs related to restructuring and acquisitions. Analysts had estimated HP would post revenue between $29.51 billion and $30.22 billion, and earnings at $1.05 per share.
In a statement, CEO Mark Hurd signaled his confidence in both the current quarter and the future. "HP had an exceptional quarter with strong performance across every region," he said. Hurd added that the company is "confident in the enormous opportunity that lies ahead."
He was also upbeat about technology spending by its customers. "After many customers deferred purchases last year, we are seeing strong growth in a number of businesses," Hurd said. He specifically pointed to his company's server segment growing 51 percent, an indication that big companies are starting to spend again.
Still, he warned not to expect any big spikes in corporate spending coming up soon. "We had very strong workstation growth, very strong business desktop growth in the quarter," said Hurd. "When we look at what's coming up, we gained 8 points of share in the U.S. enterprise (market), the second or third quarter (in a row) we've seen that. What we've modeled is more of the same--we have not modeled some big corporate refresh coming...but we have seen some improvements."
For next quarter, HP said it is estimating revenue between $29.7 billion and $30.0 billion, and earnings per share between $1.05 to $1.07.
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Updated at 2:45 p.m. PDT with details from the analyst call.