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HP Posts 3% Revenue Growth For Fiscal Quarter Ending April 30th

Hewett Packard has reported a three percent rise in revenue for the second fiscal quarter ended April 30.

The company, which revealed its Q2 results a day early, informed that the net revenue was up by 3 percent to $31.6 billion while the net earnings jumped by 5 percent to $2.3 billion.

HP revealed that its Q2 financial result was driven by the performance in the commercial sector as businesses continued to increase their IT spending.

A breakdown of the revenue reveals that the company saw a two percent rise in its revenue from the Americas which was at $13.8 billion. However, revenue was down by one percent in Europe while the revenue from Asia Pacific saw a 10 percent rise.

“HP executed well and delivered a solid quarter,” said Léo Apotheker, HP president and CEO, said in a statement.

“Our enterprise strategy, with services at its core, is focused on higher value-added solutions. Today we are accelerating our efforts to align our services business model to our long-term strategy to deliver unprecedented value to our customers and a better return for our shareholders.” he added.

The company said that the recent earthquake in Japan and the continued low consumer PC demand could have an impact on its third quarter results. HP expects its Q3 revenue to be between $31.1 billion to $31.3 billion.