HP narrowly beat analyst expectations for Q4 earnings today, posting net revenue of $33.3 billion, up $2.5 billion or 8% from a year earlier. Non-GAAP diluted EPS was $1.33, up 17% from $1.14 in the prior-year period. Analysts expected revenue of $32.75 billion and earnings of $1.27 a share.
For the quarter, non-GAAP operating profit was up 10% to $4.0 billion. For the 2010 fiscal year, net revenue came in at $126 billion, up 10% or $11.5 billion. The company said the yearly increase in revenue was spurred by growth in the commercial PC Clients and Printers segments of 20% and 22%, respectively, in the fourth quarter.
HP’s new CEO and President Léo Apotheker stated in a release: “HP proved once again that it is able to execute given its market strengths and technology leadership…I have seen firsthand that we have talented people who are focused on delivering value for our customers. Our market opportunity is vast, and I am confident that we will extend our leadership into the future.”
Enterprise Storage and Servers reported total revenue of $5.3 billion in the fourth quarter, up 25%; and Personal Systems Group (computers, devices) revenue increased 4% to $10.3 billion in the fourth quarter. The Software and Services group didn’t see much growth, with revenue rising by 1% and 0.4% respectively.
In terms of region, revenue was up 10% in the Americas to $15.1 billion. Revenue was up 6% in Europe, the Middle East and Africa and up 8% in Asia Pacific to $12.4 billion and $5.8 billion, respectively. Revenue from outside of the United States in the fourth quarter accounted for 64% of total HP revenue, with revenue in the BRIC countries (Brazil, Russia, India and China) increasing 12% while accounting for 10% of total HP revenue.