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HP's Storage Continues to Shine

HP beat analysts estimates with its third quarter results last night, becoming the latest big-name technology vendor to reap the benefits of strong storage growth.

The vendor, which recently threw down $13.9 billion to buy services giant EDS, reported revenue of 28 billion, up 10 percent on the same period last year, and above analyst estimates of $27.4 billion.

HP’s earnings were 80 cents on net income of $2.5 billion, up from 66 cents and $2.1 billion in the third quarter of 2007.

On a non-GAAP basis the vendor’s earnings were 86 cents per share on net income of $2.7 billion, compared to 71 cents and $2.3 billion in the same period last year. Analysts had estimated earnings of 83 cents.

"When you look at the enterprise in the U.S. from a storage perspective, from a software perspective, from a services perspective, from a Blades perspective, this was a really strong quarter for us,” said Mark Hurd, the HP CEO, during a conference call last night. “We think we are executing within the hand that we’ve got available to execute with.”

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