The share price of Hewlett-Packard (HP) rose yesterday (February 20th) after the company released its latest set of financial results.
A smaller than expected fall in revenues was confirmed by the company for the three months to the end of January, while a rise in profits was also recorded by the firm for the period.
HP announced that its net income rose 16 per cent to $1.43 billion (£857 million), which was up from $1.23 billion a year earlier. As a result of the quarterly revenues of $28.2 billion that were announced by the company – down one per cent from a year earlier – HP announced an increase in its profits forecast for the coming 12 months.
"HP is in a stronger position today than we've been in quite some time," said the company's president Meg Whitman. "The progress we're making is reflected in growth across several parts of our portfolio, the growing strength of our balance sheet, and the strong support we're receiving from customers and channel partners."
Demand for HP's products has been slowing in the last few years as the personal computer market has started to shrink, though it remains among the most dominant companies operating in the industry all over the world. HP is therefore looking into a range of new areas it can move into in the coming years in order to ensure the firm is able to stay relevant in the future.
Ms Whitman added: "Innovation is igniting our comeback, and at a time when many of our competitors are confronting new challenges, two years of turnaround work is setting us up for an exciting future."
Following the announcement of its latest financial results, the share price of HP rose by 2.5 per cent on the New York Stock Exchange during yesterday's session. Its stocks were also higher in after-hours trading, increasing in value by 1.13 per cent after the markets had closed for the day.
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