HP announce 9% rise in Q3 revenue

Hewlett-Packard has reported a 9% rise in its third-quarter revenue.

The firm's preliminary financial results for its third fiscal quarter ended July 31, 2004, included third quarter revenue of $18.9bn.

Non-operating profit was $846m for the quarter.

Non-GAAP diluted EPS and non-GAAP net earnings include a $142m adjustment on an after-tax basis, or $0.05 per diluted share.

GAAP operating profit for the quarter was $657m.

During the quarter, and on a year-over-year basis, revenue in the Americas grew 4% to $8.4bn, Europe grew 14% to $7.5bn, and Asia Pacific grew 11% to $3bn.

On a total company basis, and when adjusted for the effects of currency, third quarter revenue grew 5% year-over-year.

Carly Fiorina, HP chairman and chief executive officer said: "Although we are satisfied with our performance in Personal Systems, Imaging and Printing, Software and Services, these solid results were overshadowed by unacceptable execution in Enterprise Servers and Storage.

"We therefore are making immediate management changes.

"We are also accelerating our margin improvement plans in this business. With these changes, we expect our server and storage business to return to profitability in the fourth quarter."