HP Earnings Spike 28%

The PC and server giant enjoys high sales, not affected by economic slump
By Nick McMaster,  Newser Staff
Posted Nov 19, 2007 6:37 PM CST
A Best Buy employee puts a newly purchased Hewlett Packard printer in a car outside of a Best Buy store in Mountain View, Calif., Thursday, Nov. 15, 2007. Hewlett-Packard Co., the world's biggest PC...   (Associated Press)
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(Newser) – Computer and printer giant Hewlett-Packard rode strong server, software, and PC sales to a 28% boost in fourth quarter earnings from a year ago, CNN Money reports. The company posted a net profit of $2.2 billion, with a share price of 81 cents, up from 60 cents a year ago. The profits defied low industry expectations set by tech companies like Cisco Systems and Qualcomm, the Wall Street Journal reports.

Shipments of PCs were the crown in HP's jewel, as unit shipments climbed 31% from this quarter a year ago and banked $10.1 billion in revenue. CEO Mark Hurd called the industry "fairly steady" and said that HP "still has room to improve, but there's a tremendous opportunity out there and we like how we are positioned."