[Growth] was pretty broad and pretty linear. Most of our segments saw very good growth.
– Mark Hurd, CEO, Hewlett Packard
Last Wednesday afternoon, tech behemoth Hewlett Packard (HPQ) reported earnings for the quarter ended January 31, 2010 and the numbers told the same story of recovery reported earlier by Intel and Cisco.
This is most clearly seen by looking at Hewlett Packard’s hardware revenues. These are the revenues they get from selling Desktop Computers, Laptops, Servers, Storage, Printers and Printer Supplies and excludes revenues from their Services, Software and Financial Services segments.*
Here are their revenues from these segments**:
4Q 2009 $20,562
3Q 2009 $19,947
2Q 2009 $17,296
1Q 2009 $17,036
4Q 2008 $18,145
3Q 2008 $23,050
2Q 2008 $21,290
1Q 2008 $21,722
* I have only used revenues for Desktops and Laptops for the Personal Systems Group, excluding small revenue generators such as Workstations, Handhelds and Other.
** HP’s fiscal 1Q 2010 ended January 31, 2010. I have recategorized it as 4Q 2009 to match it up with the calendar.
Again, the pattern, just like with Intel and Cisco, is clear: dramatically declining revenues in the 4Q 2008 and 1Q 2009, followed by recovery and undeniable growth the last 6 months.
Disclosure: Top Gun has no position in Hewlett Packard (HPQ) shares.