Revenues up at HP’s print division, but profits drop

HP’s IPG recorded Q1 revenues of US$6.2bn (A$6.9bn), up 4% year on year from US$6bn. The division also recorded an operating profit of US$1.05bn (A$1.18bn) for the quarter, down 5% from $1.1bn last year.

In a bright spot for the division, commercial printer unit shipments for the quarter were up 11%.

Meanwhile, HP Asia Pacific recorded a 26% rise in revenues to US$5.4bn (A$6.05bn), making it the best performing region of the company’s global operations. The company’s overall revenues were US$31.2bn, up 8% from US$28.8bn last year.

HP chairman and chief executive officer Mark Hurd (pictured) said: “HP is well-positioned to outperform the market. The strength of our portfolio, leaner cost structure and accelerating market momentum give us the confidence to raise our full-year outlook.”

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