Hewlett-Packard’s (HP) European turnover has declined by two per cent over the past quarter, but its overall business has grown five per cent.
The vendor released its second quarter 2006 financial results today, which showed global turnover of $22.6bn, an increase of five per cent on the £21.6bn posted in the same period the previous year. Profit, based on Generally Accepted Accounting Principles (GAAP) was $1.7bn compared to $1.2bn in 2005.
Turnover in the Americas grew 10 per cent to $9.7bn, EMEA turnover declined two per cent to $9bn and Asia Pacific turnover grew seven per cent. However when adjusted for the effects of currency EMEA turnover grew six per cent and Asia Pacific grew 10 per cent.
Personal Systems Group (PSG) turnover grew 10 per cent to $7.0bn, with unit shipments up 16 per cent. HP also saw a five per cent increase in its Imaging and Printing Group (IPG) division, with turnover reaching $6.7bn. Enterprise Storage and Servers (ESS) saw a two per cent turnover increase to $4.3bn.
However service turnover declined two per cent to $3.9bn, but HP posted an operating profit of $345m compared to $292m the previous year. Software turnover grew 20 per cent to $330m.
Mark Hurd, chief executive of HP said: “HP delivered another solid quarter. We grew revenue, expanded margins and generated record cash flow. At the same time, we continued to remain focused on executing our strategy and investing in the company’s long-term success.”
HP estimates its Q3 turnover will be around $21.7bn, with full year 2006 turnover reaching around $91bn, in line with current expectations.
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