HP Steams Ahead Of Economic Turmoil, Beats Analyst Estimates

Despite the global economic downturn, Hewlett-Packard Co. announced Tuesday that its financial results for the fourth quarter will be slightly better than what analysts have predicted, and that it is all set to exceed the earlier profit forecasts for fiscal year 2009.

For the fourth quarter that ended on 31 October, HP registered an impressive year-on-year revenue growth of 19 percent, touching a whopping USD 33.6billion figure, as against the USD 33billion forecasted by the analysts.

This California-based company expects profit of 84 cents per share for the fourth quarter, as compared to profit of 81 cents per share, with USD 28.3billion revenues, posted by the company for the same period a year back.

HP’s share on Tuesday registered rise of 14.5 percent, and closed at USD 33.59 as it released it preliminary results for the fourth quarter, and the company is expected to declare full figures on upcoming Monday.

The company owes this significant growth in adverse conditions to its “global reach, diverse customer base, broad portfolio and numerous cost initiatives”.

However, HP said that the current exchange-rates will likely to bring down its revenue targets for the first quarter of the fiscal 2009 by five percentage points, and its overall revenues for the whole year may suffer by six to seven percentage points.

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