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HP turns in sterling quarter

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HP has once again turned in sterling revenue and profits for the third quarter, with revenue jumping more than $1-billion and profits increasing by 29%.

Sales for the quarter were $25,38-billion, a 16% increase from the $21,89-billion a year ago.
The healthy results were driven by a 54% increase in laptop sales, with revenue in the Personal Systems Group increasing from $6,92-billion to $8,89-billion this quarter.
The Imaging and Printing Group delivered an 11% increase in profile, from $884-million to $981-million, accounting for almost 40% of the company's total profit.
Every business unit turned in improved performances.
HP's server and storage unit increased revenue by 10% to $4,5-billion (a 7,2% rise in profit to $464-million) with x86 server sales rising 16%, and blade servers by a massive 81%. Itanium server sales were up by 71% with only a minor glitch of a 3% drop in sales coming from high-end system sales.
Storage revenue was up by 6%.
Reaping the benefits of a number of acquisitions, the Software Group showed a marked increase in revenue of 74% or $554-million. It's profit was $81-million compared to $13-million last year.
HP's core services business grew revenue by 8% to $4.2bn and posted a $430-million profit, up from $364-million. Financial services rose 12% to $582-million.
"We had our strongest revenue growth since 2000," says HP CEO Mark Hurd. "We saw steady growth across all regions and all segments."
But, he hints, there are even greater things to come from HP. "We have a lot more work to do at HP," he says. "We are anything but a finished product at this point."