HP reaches $100 billion revenue mark for the fiscal 2007

Hewlett Packard has reported increase of 14% in the net revenue to $104.3 billion for the fiscal 2007 ending October 2007. The growth was driven by strong sales in its desktops and notebooks divisions showing a growth of 26% to $33.5 billion.

The operating income increased by 32.9% to reach $8.7 billion compared to $6.5 billion in the previous fiscal year. In addition, it reported net profit of $7.2 billion compared with $6.2 billion in fiscal 2006.

The company issued guidance for the fiscal 2008 expecting revenue to reach $111.5 billion. It also expects revenues for its first quarter of fiscal 2008 to be in the range of $27.4 billion to $27.5 billion.

The company also declared its fourth quarter results for the period ending October 2007. It declared a year-on-year increase of 15% in its net revenues to $28.3 billion from $24.6 billion in the same quarter last year. The operating income stood at $2.6 billion as against $1.9 billion in the fourth quarter of 2006. The company also declared that 67% of its revenue for its fourth quarter was from outside the US and it did not depend on financial sector for major portion of its sales.

HP's competitor IBM reported revenues of $24.1 billion for its recent ending quarter, an increase of 7% compared to $22.6 billion for the same period in 2006. The company attributed the decline in its sales to slow down in spending by US financial services. The company's net income was $2.36 billion or $1.68 per share compared to $2.2 billion or $1.45 per share for the same period in 2006.

Source: ComputerWire daily updates

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