Recommendations are independently chosen by Reviewed’s editors. Purchases you make through our links may earn us a commission.
May 17, 2007 – HP reported its quarterly income dropped but overall revenue grew in the second fiscal quarter, ending April 30th. According to the company’s financial report, net revenue grew by 13 percent, totaling $25.5 billion in the three-month period.
'This was a strong performance for HP,' said HP CEO and chairman Mark Hurd. 'We generated $3 billion of revenue growth, continued to expand earnings and achieved record cash flow from operations. While we still have considerable work ahead of us, I am confident we can continue to execute with discipline and deliver strong financial returns,' he said.
As the largest maker of computers, according to a Reuters report, HP reported strong sales in its computer and printer divisions. The Imaging and Printing Group revenue grew by 6 percent to $7.2 billion year-over-year.
Net income, however, declined to $1.78 billion, down from $1.9 billion this time last year.
HP estimates that third quarter revenue will range from $23.7 billion to $23.9 billion, totaling about $100.9 billion by the end of the fiscal year.