For the quarter ended October 31, HP reported a net profit of $2.4 billion, up 14 percent from $2.1 billion in Q4 2008. That's good news for HP, considering the company's net revenue dropped 8 percent to $30.8 billion.
HP's struggles have been in just about every sector minus services, including big losses in revenue in consumer PCs, enterprise storage and servers, software, and printing. But the continued strength of HP's services business, along with corporate cost-cutting measures, helped the company turn what looked like an unlikely profit in Q4.
"HP's solid performance in Services drove record profit, and the accelerated pace in signings creates strong momentum going into 2010," said Mark Hurd , chairman and chief executive officer, HP. "Our operational execution and improving cost structure generated strong quarterly and year-end results. We expect to outperform the market due to our significant scale, broad portfolio, and market-leading position."
Out of all of HP's businesses, only services (and to a smaller extent, financial services) saw an increase.in revenue. Services spiked 8 percent to $8.9 billion, the company reported.
Image Credit: HP via topnews.in