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NEW YORK: US computer giant Hewlett-Packard posted a 14 percent rise in quarterly net profit on Monday as slumping personal computer sales were offset by a solid performance in its services division.
The Palo Alto, California-based HP reported fourth-quarter net profit of 2.4 billion dollars, or 99 cents per share, compared with 2.1 billion dollars, or 84 cents per share, a year ago.
The world's largest manufacturer of personal computers said revenue fell eight percent in the quarter which ended October 31 to 30.8 billion dollars.
"HP's solid performance in services drove record profit, and the accelerated pace in signings creates strong momentum going into 2010," HP chairman and chief executive officer Mark Hurd said in a statement.
"Our operational execution and improving cost structure generated strong quarterly and year-end results," he said.
HP said revenue from its Personal Systems Group declined 12 percent in the quarter to 9.9 billion dollars while operating profit was 460 million dollars, down from 616 million dollars a year ago.
Notebook computer revenue was down eight percent while desktop revenue declined by 16 percent, it said. Commercial client revenue dropped 15 percent while consumer client revenue declined by eight percent.
HP said services revenue increased eight percent in the fourth quarter to 8.9 billion dollars while operating profit was 1.4 billion dollars, up from 945 million dollars a year ago.
HP completed its acquisition of technology services provider Electronic Data Systems Corp. in August 2008.
HP said fourth-quarter revenue declined three percent in the Americas to 13.6 billion dollars and was down 17 percent in Europe, the Middle East and Africa to 11.7 billion dollars.
Revenue declined by one percent in the Asia Pacific region to 5.4 billion dollars.
Speaking to CNBC television, Hurd said "Asia was strong for us overall.
"We saw a strong China again - 20 percent growth as a company in China - and we saw solid improvement across the rest of Asia as well, perhaps with the exception of Japan," he said.
HP said revenue for its Enterprise Storage and Servers division fell 17 percent to 4.2 billion dollars in the fourth quarter while software revenue declined 16 percent to 967 million dollars.
HP said revenue from its Imaging and Printing Group fell 15 percent to 6.5 billion dollars.
HP estimated revenue of 29.6 billion dollars to 29.9 billion dollars for the first quarter of the current fiscal year and full fiscal year 2010 revenue of between 118.0 billion dollars to 119.0 billion dollars.
HP shares were trading 0.51 percent lower in after-hours electronic trading at 50.76 dollars. - AFP/de
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