HP Posts Promising First Quarter 2010 Results

Paul Lilly

HP on Wednesday posted its first quarter financial results for 2010, noting net revenue of $31.2 billion, up 8 percent for a year ago and 5 percent when adjusted for the effects of currency.

"HP is well-positioned to outperform the market," said Mark Hurd, HP chairman and chief executive officer. "The strength of our portfolio, leaner cost structure, and accelerating market momentum give us the confidence to raise our full-year outlook."

It was a good quarter for HP's printer, enterprise storage and servers, and Personal Systems Group sectors, each of which posted increases in revenue, with the biggest bump a 26 percent hike in PSG. That's a different scenario from last quarter, when most of HP's main businesses posted declining sales.

"We haven't seen the kind of ASPs [average selling prices] we had in industry-standard servers for a long time," Hurd said on a conference call .

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