HP, which recently reshuffled its storage and server businesses, is slowly getting its storage story back on track, according to the vendor's Q1 results. (See HP Reports Q1 Results.)
Overall, the vendor posed a strong set of results, with revenues up 11 percent year-over-year to $25.1 billion, beating analysts' estimates of $24.28 billion.
"I am pleased with the first quarter results that we had -- we delivered solid revenue growth across all of our businesses," explained HP CEO Mark Hurd on a conference call tonight, although he admitted that there is still work to do in storage. "We need to drive stronger top line results in the [storage] business."
On a GAAP basis, HP's earnings per share were 55 cents on net income of $1.8 billion, up from 42 cents and $1.4 billion in the same period last year. The vendor's non-GAAP earnings per share were 65 cents on net income of $2.2 billion, up from $1.7 billion and 48 cents in the fourth quarter of 2005. Analysts had estimated earnings of 64 cents.
HP, stung by recent poor storage performance, formed a new software unit last month in an attempt to boost its data management story. (See HP's New Unit Meant to Spur Storage, HP Forms New Unit, and HP Reshuffles More Software.)
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