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HP Bullish on Tech Growth

Count Hewlett-Packard Co. as the latest tech giant to be optimistic that an IT recovery is under way.

The company on Wednesday said revenues were up 8 percent year-over-year for the quarter ended Jan. 31, with profits jumping 25 percent.

Even more encouraging, the company raised its outlook for the full year, saying revenues could top $122.5 billion, up from a previous target of $119 billion.

HP, the largest provider of PCs, servers and printers and a key provider of services, is the latest tech company to post encouraging results. Microsoft, Intel and Cisco, among others, also reported a strong quarter.

"HP is well-positioned to outperform the market," said HP chairman and CEO Mark Hurd, in a statement.

PC sales of $10.6 billion were up 20 percent with a 26 percent increase in shipments, HP said. Revenues for its Enterprise Storage and Services business were at $4.4 billion, an 11 percent increase.

That business was buoyed by a 27 percent revenue boost in industry standard servers, while HP's storage revenue was down 5 percent and its Business Critical Systems revenues decreased 22 percent. Its blade server business was strong with revenues up 24 percent.

Its services and software business were effectively flat while printing and imaging sales were up 24 percent, HP said.

About the Author

Jeffrey Schwartz is editor of Redmond magazine and also covers cloud computing for Virtualization Review's Cloud Report. In addition, he writes the Channeling the Cloud column for Redmond Channel Partner. Follow him on Twitter @JeffreySchwartz.

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