Computer giant HP reports profits up 16 per cent

Feb 22, 2011, 23:22 GMT

Washington - Hewlett-Packard Co, the world's largest computer maker, reported a 16-per-cent increase in profits on Tuesday for the three months through January, the first quarter of the company's budget year.

Profits were up to 2.6 billion dollars, or 1.17 dollars per share, compared to 2.25 billion dollars, or 93 cents per share, for the November-January quarter a year earlier.

HP sales rose to 32.3 billion dollars for the quarter. The company reported strong business sales, while consumer spending on computer equipment has been less robust, weighing on expectations for the rest of 2011.

Newly installed HP chief executive Leo Apotheker is due to brief Wall Street analysts on his strategic vision for the company on March 14.

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