HP Profit Jumps, Raises Outlook

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SAN JOSE, Calif. (AP) — Hewlett-Packard Co. says its quarterly profit swelled 25 per cent in part because of cost-cutting and a stronger showing from its personal-computer division.

HP also raised its 2010 outlook, citing “accelerating market momentum.”

HP’s 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.

Net income was $2.3 billion, or 96 cents per share, versus $1.9 billion, or 75 cents per share, a year ago.

Excluding items, it was $1.10 per share. That beat the average estimate of $1.06 per share. Revenue jumped 8 per cent to $31.2 billion.

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