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Underlying HP profits climb 27%

Hewlett-Packard, the world's biggest maker of PCs and printers, last night said its quarterly net profit fell slightly due to a tax settlement gain a year ago. Excluding that, earnings per share rose 27% to 65 cent.

Revenue in HP's second quarter to the end of April was $25.5 billion, up 13% compared with a year earlier. Sales growth was steady in all areas, with the strongest growth of 16% coming in the Asia-Pacific region.

HP said third-quarter revenue would be between $23.7 billion and $23.9 billion, with earnings per share of 60-61 cents.