Hewlett-Packard (HP) reported a 10 per cent jump in turnover for its third quarter, while profit based on generally accepted accounting principles (GAAP) was $73m, down 88 per cent from Q3 last year when the firm recorded $586m in GAAP profit.
The results exceeded analysts’ expectations. The income drop was largely due to a one-time tax charge of $790m as a result of cash repatriation. The move gives the company more financial flexibility, according to Mark Hurd, HP’s chief executive. HP last month started a corporate structuring and said it will lay off 14,500 workers. “We stayed focused on delivering a strong quarterly performance and we launched a significant restructuring,” Hurd said.
The company’s core business units showed growth. The personal systems group sold 14 per cent more units with a combined value of $6.4bn. The printer and imaging division’s sales were $5.9bn, up five per cent year-over-year. Server and storage sales increased 20 per cent to $4bn. Although sales of the OpenView and OpenCall management products combined increased by 11 per cent, the unit lost $40m relative to $48m last year.
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