HP steals a march on declining Dell

Dell’s profits slumped when it released its quarterly financial results last week. But arch enemy HP turned in a 14 percent profit even though its revenues fell by 8.4 percent.

HP reported net profit of $2.41 billion for the quarter on revenues of $30.77 billion. That compares to profit of $2.11 billion on revenues of $33.6 billion in the same period last year.

The company said that it now sells more PCs to US corporations than any of its competitors, and reported an eight percent increase in shipment compared to the same period last year.

However, its storage and server divsion didn’t fare that well, and showed a double digit decline.

And its printer business didn’t fare much better, with printer shipments declining by 20 percent compared to last year, with the division dropping in revenue by 15 percent.

Its services business showed a significant boost in profit of nearly 50 percent. Last year it bought service giant EDS. HP is trimming billions in costs from its EDS business.