Expects Q3 revenue to be between $31.1bn and $31.3bn
HP has reported net revenues of $31.6bn for the second quarter ended 30 April 2011, a marginal increase of 3% compared to $30.8bn for the same period last year.
Operating margin was 9.4%, compared to 9.3% for the same period last year. Net earnings for the quarter were up by 5% to $2.3bn, compared to $2.2bn for the same period a year ago.
Services revenue increased to $8.97bn from $8.84bn, enterprise servers, storage and networking revenue increased to $5.55bn from $4.83bn, while revenue from personal systems group decreased to $9.41bn from $ 9.95bn for the same period last year
Geographically, Americas revenue was up by 2% to $13.8bn, revenue from Asia Pacific was up by 10% to $6.1bn while revenue from Europe, the Middle East and Africa decreased by 1% to $11.7bn.
Revenue from outside the US accounted for 66% of the total revenue. The company saw accelerated growth in BRIC countries (Brazil, Russia, India and China) with revenue increasing 19% while accounting for 12% of total revenue, the company said.
HP chairman and chief executive officer Leo Apotheker said the company executed well and delivered a solid quarter.
"Our enterprise strategy, with services at its core, is focused on higher value-added offerings. Today we are accelerating our efforts to align our services business model to our long-term strategy to deliver unprecedented value to our customers and a better return for our shareholders," Apotheker said.
HP anticipates revenue to be in the range of $31.1bn to $31.3bn in third quarter of fiscal 2011.