HP announced financial results for its first fiscal quarter ended 31 January, with net revenue of $25.1 billion, representing growth of 11% year-over-year, or seven per cent when adjusted for the effects of currency.

GAAP operating profit was $1.8 billion and GAAP diluted earnings per share (EPS) was $0.55 per share, up from $0.42 in the prior year period. Non-GAAP operating profit was $2.2 billion, with non-GAAP diluted EPS of $0.65, up from $0.48 in the prior year period.

Non-GAAP financial information excludes $279 million of adjustments on an after-tax basis, or $0.10 per diluted share, related primarily to the amortization of purchased intangibles and in process research and development charges related to acquisitions.

“HP delivered a strong first quarter, with improved margins and solid revenue growth across our businesses,” said Mark Hurd, HP chairman and chief executive officer. “We have a lot of work and opportunities ahead of us. I am confident we can continue to execute with discipline and deliver a year of strong financial returns.”

During the quarter, on a year-over-year basis, revenue in the Americas grew six per cent to $10.4 billion, revenue in Europe, the Middle East and Africa grew 14 per cent to $10.7 billion, and revenue in Asia Pacific grew 15 per cent to $4.0 billion.

When adjusted for the effects of currency, revenue in the Americas grew six per cent, revenue in Europe, the Middle East and Africa grew seven per cent, and revenue in Asia Pacific grew 12 per cent.

More information on HP’s quarterly earnings, including additional financial analysis and an earnings overview presentation, is available on HP’s Investor Relations website at www.hp.com/hpinfo/investor.