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HP raises profit forecast, results top estimates

Hewlett Packard Co (HPQ-N) reported better-than-expected results on strong sales of servers, storage and personal computers, and raised its profit forecast for next fiscal year.


The world's No. 1 PC maker reported net earnings for the fiscal fourth quarter ended Oct. 31 of $2.54 billion US, or $1.10 a share, up from $2.41 billion US, or 99 cents a share, a year earlier.


Excluding items, the company earned $1.33 a share, better than the average analyst estimate of $1.27 a share, according to analysts polled by Thomson Reuters.


Revenue rose 8 percent to $33.3 billion, above Wall Street's estimate of $32.75 billion.


The company raised its fiscal 2011 forecast. It now expects earnings excluding items of $5.16 to $5.26 a share on revenue of $132 billion to $133.5 billion. CTV Two CTV News CTV News Channel BNN - Business News Network CP24