HP Reports Q3

PALO ALTO, Calif. -- HP (NYSE:HPQ - News) today announced financial results for its third fiscal quarter ended July 31, 2007, with net revenue of $25.4 billion, representing growth of 16% year over year, or 12% when adjusted for the effects of currency.

GAAP operating profit was $2.1 billion and GAAP diluted earnings per share (EPS) was $0.66, up from $0.48 in the prior-year period. Non-GAAP operating profit was $2.3 billion, with non-GAAP diluted EPS of $0.71 up from $0.52 in the prior-year period. Non-GAAP financial information excludes $134 million of adjustments on an after-tax basis, or $0.05 per diluted share, related primarily to amortization of purchased intangibles. GAAP and non-GAAP financial information include all stock-based compensation expense in both current and prior-year periods.

"HP's latest results demonstrate continued strength across each of our key businesses and geographies with our best revenue growth since 2000," said Mark Hurd, HP chairman and chief executive officer. "We are executing increasingly well in creating demand for our innovative products and services, and we are continuing to become a more efficient organization."

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Hewlett-Packard Co.