HP profits from job cuts

Hewlett Packard has revealed that its quarterly profits rose by 12 per cent, despite an overall decline in gross revenue.

The vendor has attributed the growth to a focus on cost cutting measures, which included the loss of around 30,000 jobs.

Except for China, which saw year on year growth of 20 per cent, HP has reported falling revenue across the globe – most notably in the EMEA region, which has seen revenue fall by 17 per cent.

However, despite the unfavourable climate, HP’s GAAP net earnings for the quarter shot up by 14 per cent, taking $2.4 billion, while earning per share increase by 18 per cent.

“Relentless focus on driving efficiencies across the business has given HP a significant competitive advantage,” commented HP’s executive vice president and chief financial officer, Cathie Lesjak.

“Our skill in executing strong acquisitions and integrating them seamlessly improves the value of our portfolio, strengthens the business and contributes to our ability to expand in key growth markets in the future.”