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To: Johnny Canuck who wrote (44561)	2/19/2008 10:02:52 PM
From: Johnny Canuck	Read Replies (1) \| Respond to of 70004

HP forecasts strong fiscal 2008 First quarter profits surge 38% Bolaji Ojo (02/19/2008 4:46 PM EST) URL: eetimes.com Hewlett-Packard Co.'s fiscal first quarter net income surged 38 percent on a 14 percent increase in revenue and the software and electronic hardware giant is forecasting solid growth in 2008 on rising global demand in most of its market segments. The company jacked up its fiscal second quarter revenue forecast to reflect the bullish outlook for the year and said it expects fiscal 2008 revenue to improve about 10 percent from the preceding year. The company said it sees fiscal second quarter revenue in the $27.7 billion to $27.9 billion range while earnings per share would be approximately 77 cents to 78 cents. "We are raising our guidance yet again, reflecting our confidence in anticipated cost reductions and share gains in key markets," said Mark Hurd, chairman and CEO of the Palo Alto, Calif., company in a statement announcing the fiscal first quarter results. 'HP remains well positioned for profitable growth as we continue to focus on our numerous cost initiatives and improve our market coverage," he added. The company's stock price jumped more than 6 percent in after-hour trading as investors welcomed the positive news from the bellwether company following a spate of negative reports from other market leaders. HP reported net income rose 38 percent to $2.1 billion, or 80 cents per share, in the three months ended January 31, from $1.6 billion, or 55 cents per share in the corresponding quarter of fiscal 2007. On a pro forma basis, HP's net income per share for the quarter was 86 cents, well above the 81 cents per share that most analysts were expecting. Revenue rose during the fiscal first quarter to $28.5 billion, up more than 13 percent, from $25.1 billion in the fiscal 2007 first quarter, the company said. The company said it now expects revenue for the year ending January 2009 would be between $113.5 billion and $114 billion, compared with $104.3 billion in fiscal 2007. The company posted strong growth in its personal systems group during the recently ended quarter with revenue rising 24 percent to $10.8 billion and unit shipments growth at an even faster rate. The PSG group, which manufactures desktop and notebook computers, reported a 37 percent increase in laptop shipment for the quarter while desktops unit shipment increased a more moderate 15 percent. HP's imaging and printing group continued to struggle, however, with revenue for the unit trailing other business group. The IPG group posted revenue of $7.3 billion, up 4 percent on a year-over-year basis. Revenue in the enterprise storage and servers division strengthened 9 percent to $4.8 billion, boosted by strong shipment of the company's ESS blade servers.