HP announced financial results for its third fiscal quarter ended July 31, 2006, with net revenue of U.S. $21.9 billion, representing growth of 5 percent year-over-year, or 6 percent when adjusted for the effects of currency. GAAP operating profit was $1.5 billion and GAAP diluted earnings per share (EPS) was $0.48 per share, up from $0.03 in the prior year period. GAAP financial information for the third quarter 2005 reflects a tax adjustment resulting from HP's decision to repatriate $14.5 billion in cash from foreign earnings.
Non-GAAP operating profit was $1.7 billion, with non-GAAP diluted EPS of $0.52, up from $0.36 in the prior year period. Non-GAAP financial information excludes $108 million of adjustments on an after-tax basis, or $0.04 per diluted share, related primarily to amortization of purchased intangibles. GAAP and non-GAAP financial information include stock-based compensation expense in the current financial period only.
During the quarter, on a year-over-year basis, revenue in the Americas grew 8 percent to $9.7 billion, revenue in Europe, the Middle East and Africa grew 2 percent to $8.4 billion, and revenue in Asia Pacific grew 7 percent to $3.8 billion. When adjusted for the effects of currency, revenue in the Americas grew 7 percent, revenue in Europe, the Middle East and Africa grew 3 percent, and revenue in Asia Pacific grew 8 percent.
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