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HP Prints Money
New York -Maybe Hewlett-Packard boss Mark Hurd’s cost-cutting and restructuring plans are being heard. The company, which announced its second-quarter earnings Tuesday, has seen its net income grow by more than 50% over a year ago, while its revenues climbed 5%.HP’s earnings release also underscores the company’s continued reliance on its Imaging and Printing Group, which accounted for $1 billion in operating profit–almost 67% of the company’s total operating profit of $1.7 billion.The company said its results mirrors overall tech trends–namely, declining consumer hardware sales and increasing sales of color technology and ink. Year over year, the HP ink-selling unit saw revenue grow 10%, while consumer hardware dropped 8%. Color laser printer sales grew 38%, and multifunction printers shot up 44%.HP continues to place a priority on boosting supplies revenue by aggressively expanding into specialized markets, such as wide-format printing, and establishing brand recognition and sales in emerging countries.The imaging giant continues to stay on top of a tug-of-war between color laser and ink-jet office printers, while shifting emphasis away from less-profitable consumer sales.
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