HP’s quarterly profit quadruples, taking market share over Dell

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HP’s quarterly profit quadruples

By Reuters
http://news.com.com/HPs+quarterly+profit+quadruples/2100-1014_3-6136278.html

Story last modified Thu Nov 16 13:27:34 PST 2006

Hewlett-Packard on Thursday reported a quarterly net profit that more than quadrupled from a year ago, when the computing and printing giant took more than $1 billion in charges for job cuts. HP said net income for its fiscal fourth quarter, ended October 31, rose to $1.7 billion, or 60 cents per share, from $416 million, or 14 cents per share. Revenue climbed 7 percent to $24.6 billion.

Excluding items, HP said it had a profit of 68 cents per share. Analysts had expected the Palo Alto, Calif.-based company to earn 64 cents per share, on average, on revenue of $24.1 billion, according to Reuters Estimates.In the calendar third quarter, HP recaptured the worldwide lead in personal computer shipments from longtime rival Dell, for the first time since the end of 2003. Dell has this year struggled with disappointing financial results and the biggest electronics recall in U.S. history.

Shares of HP have surged 40 percent this year, based on Wednesday’s closing price, compared with a 14 percent decline in those of Dell.

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