HP Numbers Tell Same Store Of Tech Recovery As Intel And Cisco


[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.

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