HP reports fourth quarter 2003 results: iPAQ grew 100% year-over-year

Personal Systems revenue totalled US$6.0 billion in the quarter, up 19% year-over-year and 21% sequentially. Units increased 35% year-over-year, fueled by notebook growth of 53% and desktop growth of 23%. HP widened its lead in the notebook market with year-over-year unit growth of 60% in the third calendar quarter, growing at almost twice market rates and 18 percentage points faster than the nearest competitor. Over the past four calendar quarters, HP increased its share of the total worldwide PC market by almost 2 percentage points.

In the same period, HP's iPAQ series of handhelds grew 100% year-over-year, and gained 6.9 percentage points of share sequentially.

Personal Systems reported an operating profit of $21 million in the quarter, compared to an operating loss of $68 million in the prior year period and an operating loss of $56 million in the third quarter. The Personal Systems business was profitable for the year, with operating profit increasing $391 million on a full-year combined company basis, reflecting supply chain savings and expense discipline.