HP profit jumps 25 percent
SAN JOSE, Calif. (AP) -- Hewlett-Packard Co.'s profit swelled 25 percent in the latest quarter because of cost-cutting and a stronger showing from its personal-computer division.
Revenue was up in most of the technology company's major divisions and HP raised its 2010 outlook, citing "accelerating market momentum."
The numbers show that technology spending by corporations is creaking back to life. HP is a bellwether because it is the world's biggest maker of PCs and printers. And HP's latest results are the first from a major tech company to include the full month of January.
HP said after the market closed Wednesday that its net income was $2.3 billion, or 96 cents per share, for the three months ended Jan. 31. In the same period last year, it earned $1.9 billion, or 75 cents per share.