Hewlett-Packard revenue up 10%

HEWLETT-Packard (HP), the global computer giant that employs more than 4,000 in Ireland, reported strong growth in its fourth quarter yesterday and said its merger with Compaq was beginning to pay off.

Revenues for the quarter ended September were $19.9 billion (16.7bn), a 10% increase on the same quarter last year. Reported earnings more than doubled to $862m The results were slightly ahead of market expectations and saw profitability return to all HP businesses after mixed performances earlier in the year.

The results were slightly ahead of market expectations and saw profitability return to all HP businesses after mixed performances earlier in the year. Revenue from North and South America accounted for almost half of HP's total and was 6% up on the corresponding period last year. European sales grew by 14% and made up 39% of the total. Sales in Japan and the rest of the Asia/Pacific region were ahead by 13% and accounted for one-sixth of HP revenue.

HP spent over $2.6bn during the year on restructuring charges, retirement funding and retention payments. It used $750m buying back its own shares and paid out almost $1bn in dividends. HP has a market capitalisation of over $67bn greater than the combined value of all companies quoted on the Irish stock exchange.