HP bucks economic trends with strong Q4

Hewlett-Packard saw a sharp increase in fourth quarter revenue and expects a profitable 2009 despite a gloomy global economic scene.

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Hewlett-Packard saw a sharp increase in fourth quarter revenue and expects a profitable 2009 despite a gloomy global economic scene.

HP, the world's largest computer manufacturer, released its preliminary financial results Tuesday and is due to release full results next Monday.

Fourth quarter revenue came in at US$33.6 billion, a 19 percent year-on-year increase, or 16 percent after adjusting for currency fluctuations, HP said.

HP said unfavourable currency exchange rates are likely to drag down its 2009 revenue by five percentage in its first quarter and six to seven percentage points over the year. The Dollar has gained strength as of late against currencies such as the Euro and Pound.

The 2009 financial year doesn't look to be the disaster for HP that other technology companies are expecting with lower IT spending.

HP is expecting revenue between $32 billion to $32.5 billion for its first quarter, with earnings per share between $0.80 to $0.82.

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