HP Reports Strong Q1, Including PC Sales Growth
Hewlett-Packard surprised Wall Street -- and just about everyone else -- when it reported better-than-expected results for its first fiscal quarter. Even more surprising was the news that HP's PC business posted a 4 percent year-over-year gain.
Thursday the computing giant reported sales of $28.2 billion for the quarter ended Jan. 31. While that was down 1 percent from the same period one year earlier, it was about $1 billion above what the Wall Street consensus had been expecting. Increased sales of personal systems and industry-standard servers bolstered the results. CEO Meg Whitman said the results are a sign that HP's comeback remains on track. "HP is in a stronger position today than we've been in quite some time," she said in a statement accompanying the earnings results.