HP announced its financial results for the first fiscal quarter which ended on the 31 January 2010, with net revenue of e23 billion, up 8% from a year earlier.

“HP is well-positioned to outperform the market,” said Mark Hurd, HP chairman and chief executive officer. “The strength of our portfolio, leaner cost structure and accelerating market momentum give us the confidence to raise our full-year outlook.”

Revenue was up 1% in Europe, the Middle East and Africa. Revenue from outside of the United States in the first quarter accounted for 65% of total HP revenue.

Printers, industry standard servers and PC’s have seen a double-digit year-over-year growth. Enterprise Storage and Servers (ESS) reported an increase of 11% and total revenue of e3.24billion. Industry Standard Server revenue increased 27% whilst Imaging and Printing Group (IPG) revenue increased 4% to e5billion. Personal Systems Group (PSG) posted a 26% increase in unit shipments and maintained the leading market share position in PCs worldwide. PSG revenue increased 20% to e7.8 billion.

HP estimates full year fiscal 2010 revenue to be approximately e90 billion up from its previous estimate of e87 billion.

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/investor/home.