Hewlett-Packard's fourth quarter results were in line with its relatively disappointing year as the company admitted costs had risen too fast and some consolidation was required.
Lew Platt, chairman and chief executive, said he was pleased with the final quarter of the year, which showed a net profit of $806 million, up 24 per cent on the same period last year. Analysts had expected somewhat higher returns on revenue of $11.8 billion, up 16 per cent.
"In the coming year, we'll intensify the efforts we have under way to manage operating expenses. We have to reach a better balance between investing for growth and controlling spending. We'll also work hard to reinvigorate growth in businesses that have slowed," he said.
He added that the company would focus on pursuing opportunities in electronic business, telecommunications and the consumer market.
PC and Unix server sales grew strongly, particularly HP's new V-class 9000 high end server, which also helped stimulate demand for low end server products as part of a package.
For the fiscal year 1997 profits totalled $3.1 billion, 21 per cent up on 1996, on revenue that increased 12 per cent to $42.9 billion.
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PUBG news and updates: November's Update #23 to bring new Skorpion pistol and changes to blue zone visibility
Genuinely useful side-arm coming to PUBG in Update #23