Servers and storage lead HP revenue rise

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HP has released fourth quarter results to impress, with net revenues reaching $33.3 billion (£20.8 billion).

This was a rise of eight per cent from the same quarter last year, where revenue amounted to $30.8 billion.

However, the most impressive growth for the company came in the Enterprise Storage and Servers (ESS) business, with revenues rocketing 25 per cent to $5.3 billion.

Broken down, server revenue rose by 32 per cent and storage was up 14 per cent.

Commercial divisions in the company also performed well, with PC revenue up 20 per cent and printers up 22 per cent.

The results have led to some much needed positive publicity for the company, which has been surrounded in negative PR over recent months.

Along with the departure under a cloud of former chief executive (CEO) Mark Hurd, HP has had to deal with the wrath of Oracle CEO, Larry Ellison, accusing the company’s new leader of being involved in TomorrowNow allegedly stealing software whilst he was head of SAP.

Leo Apotheker was just enjoying the good news today, however, despite the SAP/Oracle case rumbling on in the background.

"HP proved once again that it is able to execute given its market strengths and technology leadership," he said.

"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."

Cathie Lesjak, HP executive vice president and chief financial officer (CFO), added: "We continue to invest in the business, in sales and in R&D, while driving further efficiencies."

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