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HP CFO sees 'flush' budgets in U.S.

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CIOL Bureau
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SAN FRANCISCO, USA: Hewlett-Packard Co's finance chief said the company is looking to capitalize on "flush" enterprise budgets in the United States, as the technology giant sounded positive about demand across its business line.

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CFO Cathie Lesjak said on Wednesday the company is well positioned to take advantage of the upcoming corporate IT hardware refresh cycle. She said HP's personal computer business continues to take market share and noted an improvement in HP's printer business, which struggled in 2009.

"I think that there's a sense at least within our organization that there is a bit of a budget flush going on and we want obviously to be there to take advantage of it," Lesjak said the Barclays Global Technology Conference in San Francisco.

As a result, HP has asked some U.S. sales employees involved with servers, storage and networking to not take a scheduled year-end holiday break, an HP spokesman said, confirming news first reported by Bloomberg.

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Lesjak also said the company was confident it can grow earnings per share "significantly faster" than revenue.

HP is the world's largest technology company by revenue and a bellwether for IT spending. It is the largest PC vendor and No. 2 in technology services and servers.

The shares of Palo Alto, California-based HP rose 1.4 per cent to $49.62 in midday trading on the New York Stock Exchange.

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