HP reports 28 per cent jump in profit

HP reported a 28 per cent increase in profit over last year's comparable quarter, as revenue rose 13 per cent in the three months to April, the firm said.

HP raked in $2.2 billion, or 91 cents per share, in its fiscal second quarter, which ended April 30. Over the same period last year, the outfit earned $1.7 billion, or 71 cents per share,

Its performance beat most analysts expectations, but then what do they know?

Last year was tough, however, and this year less so -although corporate customers seem to re-opening their wallets less slowly than consumers. Corporates are HP's bread and butter, so long as they keep buying ink.

HP has upped it forecast for the year 2010, predicting revenue of between $123.7 billion and $124.9 billion

Mark Hurd, HP chairman and chief executive officer reckone the quater had been "exceptional". He claimed evidence of "strong performance across every region".

"We've built the best portfolio in the industry, and our customers are responding. We're winning in the marketplace, investing for the future and confident in the enormous opportunity that lies ahead," he trumpeted.