Storage boosts HP's fourth quarter results

HP has announced an eight percent quarterly revenue jump and an 11 percent rise in earnings per share.

It reported net revenues of $33.3 billion. Among the biggest gains were from the company’s enterprise storage and servers business. The group saw its revenues hit $5.3 billion, up 25 percent from the last quarter. Blade systems posted a 51 percent revenue growth over last year.

Chief executive Leo Apotheker, three weeks into his reign at HP, said that he was confident of the company’s future

“HP proved once again that it is able to execute given its market strengths and technology leadership,” he said in a statement . “I have seen first hand that we have talented people who are focused on delivering value for our customers. Our market opportunity is vast, and I am confident that we will extend our leadership into the future.”

HP’s personal systems group reported a 20 percent increase in commercial client revenues and a 13 percent increase in the desktop sphere. The imaging and printing group also gained momentum with revenues hitting $7 bn on the quarter. This was an increase of eight percent from last year.

However, it made losses of 10 percent in its  consumer client revenue and its notebook revenues fell by three percent.

Overall fourth quarter revenues were up 10 percent in the Americas to $15.1 billion. It was also up six percent in Europe, the Middle East and Africa and up eight percent in Asia Pacific to $12.4 billion and $5.8 billion, respectively.

In the future HP estimates that it will hit yearly revenues of $132 billion to $133.5 billion.