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HP Reports Double-Digit Sales, Earnings Gains

5/20/2008 04:29:00 PM Eastern

Palo Alto, Calif. — Hewlett-Packard reported double-digit gains in net revenue and net earnings for its fiscal second quarter, ended April 30.

Worldwide net revenue rose 11 percent to $28.3 billion for its second fiscal quarter, compared with $25.5 billion for the same period last year. This figure is up 11 percent earlier, or up 5 percent when adjusted for the effects of currency, said HP.

GAAP net earnings were up 16 percent to $2.1 billion from last year’s $1.8 billion.

“HP turned in another strong quarter, supported by improvement across our businesses. With 70 percent of revenue not coming from outside the U.S., we benefited from robust demand in emerging economies,” said Mark Hurd, HP chairman and CEO, in a release.

In its personal systems group, revenue grew 16 percent year-over-year to $10.1 billion. Unit shipments within the category were up 21 percent on a year-over-year basis.

HP said notebook revenue for the quarter grew 31 percent over the prior-year period, while desktop revenue was flat. It also said consumer client revenue was up 16 percent year-over-year.

HPs imaging and printing group saw revenue grow 6 percent year-over-year to $7.6 billion.

On a year-over-year basis, HP said supplies revenue grew 8 percent, commercial hardware revenue grew 6 percent and consumer hardware revenue declined 3 percent.

Printer unit shipments also increased 6 percent year-over-year with consumer printer hardware units up 4 percent.