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HP announces another set of Record Earnings

Computer giant (opens in new tab), 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 (opens in new tab) 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 (opens in new tab) include HP's blade servers, entreprise storage and servers as well as its software business which saw operating profit nearly triple to $51 million.

Désiré has been musing and writing about technology during a career spanning four decades. He dabbled in website building and web hosting when DHTML and frames were en vogue and started writing about the impact of technology on society just before the start of the Y2K hysteria at the turn of the last millennium. Following an eight-year stint at ITProPortal.com where he discovered the joys of global tech-fests, Désiré now heads up TechRadar Pro. Previously he was a freelance technology journalist at Incisive Media, Breakthrough Publishing and Vnunet, and Business Magazine. He also launched and hosted the first Tech Radio Show on Radio Plus.