HP announces another set of Record Earnings

Computer giant, HP, has been bullish about its short term future as its earnings rose by 38 percent on the back of some surprising overseas results.

While the US consumer market is undeniably undergoing through some bad times, HP has been doing well outside its traditional market.

So much so, that Mark Hurd, HP's chief executive has raised his forecast for this financial year, saying that Q2 revenues for the company should approach $28 billion and full year revenue exceed $114 billion which is a 9 percent increase over last year's revenue.

EMEA is still HP's biggest market overall with revenue growing by 15 percent to $12.3 billion, ahead of the Americas.

HP consolidated its lead over Dell as its Personal Systems Group grew by 24 percent to $10.8 billion while unit shipments shot up by 27 percent; laptops sales were particularly strong with a 37 percent increase.

News of strong sales have pushed the shares of the company to $46.04 and HP revenues now match its market capitalisation.

Imaging and printing are still HP's golden goose with operating profit of more than $1.2 billion while revenues up by 4 percent to $7.3 billion; fuelled mainly by consumables including ink.

Other areas of growth include HP's blade servers, entreprise storage and servers as well as its software business which saw operating profit nearly triple to $51 million.