Up, up she goes
Hewlett-Packard delivered some fairly solid financial results today, as the firm reported its profits for Q309 had shot up 14 percent, despite a slump in sales for its PC, server, software and printer divisions.
HP said it had managed to pull in $2.4 billion - 99 cents a share - in the third quarter, up from $2.1 billion, or 84 cents a share in Q308.
The company's net income was $1.14 per share, excluding one-time items, but overall sales fell by eight percent to $30.8 billion - or just five percent if one disregards currency fluctuations.
The results exceeded Wall Street's expectations and was taken as proof that extreme cost-cutting and a move towards services and networking had paid off for HP, whilst rival Dell continues to languish miserably in the PC space.
Last week Dell announced a disappointing 54 percent slump in net income for Q3, but HP said that despite the revenue in its PC division falling 12 percent, its PC shipments had risen by eight percent.
The firm also said that while its computer division did account for a third of the firm's revenue, it only made up 15 percent of HP's operating profit, as margins continue to shrink with netbooks remaining popular and price wars between manufacturers still going strong.
