Hewlett-Packard, the world's largest personal-computer maker, on Tuesday reported a higher quarterly profit as it sold more PCs and server computers.The company raised its full-year fiscal 2008 revenue forecast, sending its shares higher.
Net income in HP's fiscal first quarter ended January 31 increased to $2.13 billion, or 80 cents per share, from $1.55 billion, or 55 cents per share, a year earlier. Revenue advanced to $28.5 billion from $25.1 billion.
Excluding special items, profit was 86 cents per share. Analysts, on average, expected earnings before some costs of 81 cents per share and revenue of $27.6 billion, according to Reuters Estimates. HP in November had forecast first-quarter earnings of 80 cents per share before special items and revenue of as much as $27.5 billion.
HP was helped by cost cuts and strong sales outside the United States as U.S. technology spending slowed on recession concerns. But HP faces a tougher environment this year as
HP shares, down 14 percent this year, trade at about 13 times expected 2008 earnings per share, a discount to the average of companies on the Standard & Poor's 500 index and about the same as competitor International Business Machines.
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