HP Boosted As Revenue Surpass Estimates
Meg Whitman, Chief Executive Officer of Hewlett-Packard Co. (HWP) got an enhancement in her turnaround efforts last quarter as businesses shot up technology products, sending the stock up as much as 6.6 percent in German trading.
California-based company, the Palo Alto, accounted fiscal fourth-quarter revenue and profit yesterday that was ahead of analysts' estimates. Results were boosted by corporate demand for servers, personal computers and networking equipment.
Yesterday Hewlett-Packard mentioned in a statement that revenue for the period ended Oct. 31 was $29.1 billion, more than the $27.8 billion average estimate of analysts, as per data compiled by Bloomberg. Profit exclusive of some items was $1.01 a share, compared with the $1 average estimate.
The shares climbed as high as the equivalent of $26.99 in German trading after closing down less than 1 percent at $25.09 in New York.
Yet Whitman, who was hired to revitalize Hewlett-Packard in 2011 told analysts during a conference that she is anticipating "headwinds almost across the board" in the coming year, amid weakness in some international markets.
She pointed to "pockets of revenue growth" from business PCs, servers and networking. Still, overall PC sales reduced, so did printing, consulting services and a highly profitable line of support contracts called technology services.
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