PC company Compaq has turned in an increase in turnover and a rise in profits of 65 per cent.
Turnover rose to $4.81 billion, only a 14.3 per cent increase year on year, but profits were $387 million worldwide.
Eckhard Pfeiffer, chief executive of Compaq, said growth will continue this year, despite the slowdown in revenue growth in this quarter. "Compaq is positioned to gain market share and increase profits. We are clearly focused on what customers are looking for. Recently, we announced new Internet solutions and communication products, demonstrating our commitment to provide end-to-end computer solutions at the lowest cost of ownership. We are also working with our channel partners to fully implement a new manufacturing and delivery model that will create the most efficient fulfilment process for the lowest delivered cost in the industry which will translate into lower prices for our customers. Just as important, our continued focus on asset management will give us the ability to take advantage of our competitive position."
The company remains cash rich with an estimated $5 billion free to spend on any acquisitions it might choose to make, according to insiders.
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