HP Financial Services (HP FS) recorded an
operating profit of $67 million (€49.3 million) in the first fiscal
quarter of 2010 ending on January 31, up from $41 million one
year before.
The captive arm of IT giant Hewlett Packard
said its financing volume grew by 30 percent during the quarter,
reaching $5.5 billion.
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HP FS also saw a 13 percent revenue increase
to $719 million, compared with $636 million in the same period last
year.
Mark Hurd, the group’s CEO, commented: “HP is
well-positioned to outperform the market. The strength of our
portfolio, leaner cost structure and accelerating market momentum
give us the confidence to raise our full-year outlook.”
HP FS said it does business with 65
percent of HP’s top corporate accounts and manages more than 1.2
million units annually in secondary markets.
The captive employs 1,100 people worldwide and
has a presence in 40 countries.
Antonio Fabrizio
