Hewlett Packard Q4 results better than expected

Hewlett Packard have reported fourth quarter earnings which are more than double analysts' estimates.

While revenues were up to $10.9bn - compared with $10.3bn in Q3 - they were down from $13.3bn in last year's fourth quarter.

However, the company was helped by a reduction in operating expenses, which declined 4% sequentially and 11% year-over-year on a pro forma basis.

The company said that strong execution in its printer and imaging businesses helped it achieve better-than-expected results.

In its outlook for 2002, Hewlett Packard said that market conditions continue to be difficult and the company is not counting on an economic recovery in 2002.

For the first fiscal quarter of 2002, revenues are expected to be down slightly from the fourth quarter due to normal seasonal effects.

Hewlett Packard said on Wednesday that it was on the verge of filing its detailed plans for the acquisition of Compaq Computer.