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Wednesday May 18, 01:24
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HP reports best-ever quarterly revenue
(by Olivia Cohen)
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Hewlett-Packard Co. reported the best-ever quarterly revenue for the first time since the ouster of Carly Fiorina who was replaced by Mark Hurd. Hurd said there still is the “room for improvement.”
HP’s fiscal second quarter that ended April 30 showed the results of $966 million, or 33 cents a share, which is 4 cents-a-share higher than that of the same period in 2004. Last year, the company’s profit amounted to $884 million, or 29 cents a share. Revenue added 7% to $21.6 billion.
The results eased tension in the industry that suffers from low revenues. "Over the past month, I’ve spent the majority of my time getting beneath the strategy, operations and financials of the business segments and corporate functions. I’ve met the management team, conducted face-to-face meetings with thousands of employees and have spent time with many of our largest customers,” said Hurd.
Mr. Hurd also added that it is “premature” to discuss any changes to operational plans in detail so far. Hurd, who replaced charismatic Fiorina, cut 1,900 jobs in HP’s printer business in the quarter. He said further cuts are possible.
HP’s perennial profit center, the imaging and printing business, earned an operating profit of $814 million on revenue of $6.4 billion, for an operating margin of 12.7% - a weaker than a year ago results. The company’s PC business showed operating profit result of $147 million, also on revenue of $6.4 billion, for a return of 2.3%.
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