A week after the ouster of its celebrated CEO, Hewlett-Packard announced revenue growth of 10 percent year over year for its first fiscal quarter.

The Palo Alto, Calif.-based company said revenues for Q1 came in at $21.5 billion compared with $19.5 billion during the same period a year ago.

Earnings per diluted share were 32 cents, up from 30 cents per diluted share or 7 percent from the same period a year ago. The results included the settlement of patent litigation with Intergraph Corp. that negatively impacted earnings by about 3 cents per share.

"HP had a solid first quarter, highlighted by strong growth and profit in our personal systems group, strong revenue growth in our services business and cash flow from operations of $1.6 billion," said Robert Wayman, CFO and now acting CEO. "While we continue to make progress in growing our top line, there is work to be done to improve our profitability. As the board conducts a CEO search, our management team is focused on driving improved execution to serve our customers, strengthen our competitiveness and improve shareholder value.¡±

During the quarter revenue in Asia Pacific/Japan grew at the fastest clip ¨C 15 percent¡ªyear over year.  Europe, the Middle East and Africa also saw strong growth at 12 percent.  Revenue for the Americas grew by 6 percent.

Looking forward, HP is forecasting Q2 revenue in the range of $21.2 billion to $21.6 billion with non-GAAP earnings per share of between 35 cents and 37 cents. The non GAAP EPS expectations assume after-tax exclusion for charges of about 4 cents per share.

By: DocMemory
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