HP experiences good profit in the first quarter

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Printer and computer maker Hewlett-Packard announced that the company’s profit rose to 30 per cent in the first-quarter.

Printer and computer maker Hewlett-Packard announced that the company’s profit rose to 30 per cent in the first-quarter. Its shares jumped 4.1 per cent, adding 1.31 dollars to 32.98 dollars in extended trading.

Chief Executive Officer, Hewlett Packard, Mark Hurd said, “We made progress toward creating a stronger company. Sales were boosted by holiday demand, rising 5.6 per cent to 22.7 billion dollars in the period ended January 31. Our income in the same quarter last year was 943 million dollar”.

He narrowed the company's full-year sales estimate, to 90 billion dollars to 91 billion dollars from a previous estimate of 89.5 billion dollars to 91 billion dollars. Earnings in the PC business almost doubled and profit margins in printers held up better than expected.

The company also won orders away from market leader Dell Inc. after building less-expensive computers using low-priced chips. HP's stock price has gained 60 per cent since Hurd was named as Carly Fiorina

's replacement on March 29.