Sales of its commercial print equipment fell 38%, while consumer print units dropped by 14%. Operating profit within the IPG came in at US$1.2bn (A$1.3bn), equivalent to 18.1% of total revenue.

HP’s revenues stood at US$30.8bn (A$33.4bn) with GAAP diluted net earnings per share of $0.99, compared with $0.84 in the same period last year.

“HP’s solid performance in Services drove record profit and the accelerated pace in signings creates strong momentum going into 2010,” said HP chairman and chief executive Mark Hurd (pictured).

“Our operational execution and improving cost structure generated strong quarterly and year-end results. We expect to outperform the market due to our significant scale, broad portfolio and market-leading position.”

Net revenues for HP’s full fiscal year 2009 were US$114.6bn (A$124.4bn), which represents a 3% drop compared with the same period a year earlier. The company reaffirmed its first quarter and full year guidance for 2010, anticipating revenues of between $29.6bn and $29.9bn for Q1.

HP shares rose slightly on the news, opening on Monday at US$51.02 on Friday’s close of US$50.04.

Read the original article at www.printweek.com.

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