HP has announced financial results for its second fiscal quarter ended 30 April 2007, with net revenue of $25.5 billion, representing growth of 13 per cent year-on-year, or 10 per cent when adjusted for the effects of currency.

GAAP operating profit was $2.1 billion and GAAP diluted earnings per share (EPS) was $0.65 per share, down from $0.66 in the previous year period and up 27 per cent, excluding a $0.15 tax settlement gain recorded in the previous year period. Non-GAAP operating profit was $2.3 billion, with non-GAAP diluted EPS of $0.70, up from $0.69 in the prior year period and up 30 per cent excluding the $0.15 tax settlement gain.

Non-GAAP financial information excludes $145 million of adjustments on an after-tax basis, or $0.05 per diluted share, related primarily to restructuring charges and amortisation of purchased intangibles, and offset partially by a pension curtailment gain resulting from changes to the company’s US-defined benefit pension plan. GAAP and non-GAAP financial information include all stock-based compensation expense in both current and previous year periods.

“This was a strong perform-ance for HP,” said HP chairman and chief executive officer Mark Hurd. “We generated $3 billion of revenue growth, continued to expand earnings and achieved record cash flow from operations. While we still have considerable work ahead of us, I am confident we can continue to execute with discipline and deliver strong financial returns.”