HP Sales Up, Profits Down
Hewlett-Packard on Wednesday reported revenue of $11.7 billion for its first fiscal quarter ended Jan. 31, more
than half of which came from sales outside the United
States. Overall sales were up 14% from the same period last
year, while net income was down 10% at $794 million after
factoring in one-time costs, including the spin-off of
Agilent Technologies Inc.
HP's $6.7 billion in sales outside the United States made up
57% of the company's business, with the fastest growth
coming in the Asia-Pacific region. That region reported 46%
growth to $1.6 billion in sales. Europe grew at 7% to $4.3
billion, which compares with U.S. growth of 12% and sales of
$5 billion.
Much of the sales growth came in consumer products such as
printers, scanners, and cameras. Consumer sales grew 30%
compared with a year ago, the company reported.
CEO Carly Fiorina says the company continues its commitments
to cut costs while increasing research and development in
such key areas as Unix, IA-64, and high-end servers.
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