Page last updated at 22:29 GMT, Wednesday, 17 February 2010

Strong sales lift profits at HP

Hewlett-Packard logo
Hewlett-Packard cut 6,700 jobs last year to make savings

Hewlett-Packard (HP) has raised its outlook for its financial year after strong sales over the Christmas period lifted its profits by 25%.

Higher demand for its personal computers and servers saw its net profit for the three months to 31 January total $2.32bn (£1.48bn).

This compares with $1.86bn for the same first quarter period a year earlier.

HP's revenues for the quarter were up 8% to $31.2bn, as its results came in ahead of market expectations.

It now expects to make a profit of $4.37 to $4.44 per share for its current financial year, up from its previous estimate of between $4.25 and $4.35.

'Good year'

HP's latest profits were further lifted by its continuing cost-cutting work.

The firm cut 6,700 jobs last year.

Computer analyst Louis Miscioscia of Collins Stewart said HP's latest numbers were good news for the whole computer industry.

"IT is starting to come back," he said.

"We're seeing it right now in the numbers here. I think 2010 is going to be a good year for tech."

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