HP Q3 results better than expected

US computing giant Hewlett-Packard last night posted better-than-expected Q3 results with net revenue of $27.5bn (€19.5bn) down 2% on Q3 2008.

Net profits of $1.6bn (€1.13bn) were down 19% on the same period last year with earnings per share (EPS) $0.67 (€0.47), down from $0.80 (€0.56) in the prior-year period.

“HP’s performance this quarter is a result of our strong business portfolio, efficient cost structure and scale. We made positive gains in extending our market leadership in key segments and strengthening our competitive position,” said Mark Hurd, HP chairman and chief executive officer.

“Business is stabilizing, and we are confident that HP will be an early beneficiary of an economic turnaround and will continue to outperform when conditions improve.”

Hewlett-Packard employs over 4,000 people in Ireland at its bases in Dublin, Leixlip, Galway and Belfast.