Hewlett Packard last night reported a solid fourth quarter on strong laptop sales, taking net profit for the full fiscal year to $8.3 billion, an increase of 15% over the previous year.
The world's largest technology company reported net profit in the quarter which ended on October 31 of $2.1 billion, down 2% on the same quarter the previous year.
Revenue for the fourth quarter rose 19% to $33.6 billion, taking revenue for the full 2008 fiscal year to $118.4 billion, up 13% on the previous year.
Hewlett Packard, the world's second-largest personal computer manufacturer, announced last week that earnings per share were $1.03 in the fourth quarter, higher than the $1 expected by analysts.
HP said it expected earnings per share of between 93 and 95 cents during the current quarter, the first of the 2009 fiscal year, better than the 91 cents forecast by analysts.
'These results demonstrate our ability to execute in a challenging market,' chairman and CEO Mark Hurd said. 'I am confident in HP's ability to gain share, expand earnings, and emerge from the current environment as a stronger force in the marketplace.'
Hewlett Packard said revenue grew 17% in the Americas in the fourth quarter, 22% in Europe, the Middle East and Africa and 14% in Asia Pacific to $14.0 billion, $14.1 billion and $5.5 billion, respectively.
Hewlett Packard said revenue from laptop computers grew a healthy 21% in the fourth quarter while desktop revenue declined 2%.
Besides personal computers, the California-based Hewlett Packard is a major provider of servers, printers, software and services.
It said revenue from the imaging and printing group declined 1% while revenue from storage and servers was also down 1%. But services revenue jumped 99% to $8.6 billion, led by $3.9 billion in revenue resulting from Hewlett Packard's acquisition of computer services firm Electronic Data Systems.
