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HP Reports Increases in Fourth Quarter Results

November 22, 2010
PALO ALTO, CA—Nov. 22, 2010—HP released its financial results for the fourth fiscal quarter ended Oct. 31, 2010, with net revenue of $33.3 billion, up 8 percent from the prior-year period, including a slight negative currency impact of about one percentage point.

"HP proved once again that it is able to execute given its market strengths and technology leadership," said Leo Apotheker, HP president and CEO. "I have seen firsthand that we have talented people who are focused on delivering value for our customers. Our market opportunity is vast, and I am confident that we will extend our leadership into the future.”

"HP continued to execute in the fourth quarter, delivering growth, expanding margins and increasing earnings per share double digits," said Cathie Lesjak, HP executive vice president and chief financial officer. "We continue to invest in the business, in sales and in R&D, while driving further efficiencies."

Full Year Fiscal 2010

Net revenue for the full fiscal year 2010 was $126.0 billion, up 10 percent compared with the prior-year or up 8 percent when adjusted for the effects of currency. GAAP operating profit was $11.5 billion and non-GAAP operating profit was $14.4 billion in the prior-year. Non-GAAP financial information excludes $2.1 billion of adjustments on an after-tax basis related to the amortization of purchased intangible assets, restructuring charges and acquisition-related charges.

Fourth Quarter Fiscal 2010

Fourth quarter revenue was up 10 percent in the Americas to $15.1 billion. Revenue was up 6 percent in Europe, the Middle East and Africa and up 8 percent in Asia Pacific to $12.4 billion and $5.8 billion, respectively. When adjusted for the effects of currency, revenue was up 9 percent in the Americas, up 11 percent in Europe, the Middle East and Africa and up 3 percent in Asia Pacific. Revenue from outside of the United States in the fourth quarter accounted for 64 percent of total HP revenue, with revenue in the BRIC countries (Brazil, Russia, India and China) increasing 12 percent while accounting for 10 percent of total HP revenue.

Services

Services revenue increased 0.4 percent to $9.0 billion in the fourth quarter. Revenue in each of Infrastructure Technology Outsourcing, Application Services and Technology Services grew roughly 1 percent. Business Process Outsourcing revenue was down 11 percent. Operating profit was $1.5 billion, or 16.7 percent of revenue, up from $1.4 billion, or 16.2 percent of revenue, in the prior-year period.

Enterprise Storage and Servers

Enterprise Storage and Servers (ESS) reported total revenue of $5.3 billion in the fourth quarter, up 25 percent. Industry Standard Server revenue increased 32 percent, while Storage revenue increased 14 percent and Business Critical Systems revenue grew 10 percent. ESS blade revenue was up 51 percent. Operating profit was $730 million, or 13.9 percent of revenue, up from $481 million, or 11.4 percent of revenue, in the prior-year period.
 

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