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HP Reports 10% Net Revenue Increase In Q3

8/19/2008 04:48:00 PM Eastern

Palo Alto, Calif. — Hewlett-Packard today announced it ended its fiscal third quarter with a net revenue of $28.0 billion, up 10 percent from a year earlier, or 5 percent when adjusted for the effects of currency.

GAAP net earnings for the third quarter, ended July 31, were up 14 percent to $2.0 billion, compared with $1.8 billion in the same period last year.

The company’s personal systems group saw revenue increase 15 percent year-over-year to $10.3 billion, with unit shipments up 20 percent year-over-year.

HP said notebook revenue for the quarter grew 26 percent over the prior year period, while desktop revenue increased 6 percent. It also noted that consumer client revenue grew 17 percent year-over-year.

HP’s imaging and printing group saw revenue increase 3 percent year-over-year to $7 billion.

On a year-over-year basis, HP said supplies revenue grew 11 percent, commercial hardware revenue declined 5 percent and consumer hardware revenue declined 14 percent.

Printer unit shipments also declined 2 percent year-over-year with consumer printer hardware units flat.