HP forecasts strong growth in 2011

SAN FRANCISCO - Technology giant Hewlett Packard Tuesday predicted strong revenue and profit growth in 2011 as it takes advantage of recent acquisitions and rebounding commercial demand.

The rosy outlook was offered by interim chief executive Cathie Lesjak at a conference for financial analysts, as HP continues its search for a replacement for ousted chief Mark Hurd, who was forced out last month over financial irregularities discovered during a sexual-harassment probe.

Lesjak told analysts that the company expects its 2011 revenue to grow by as much as 7 percent to between $131.5 billion and $133.5 billion. Profits would grow by as much as 14 percent to between $5.05 and $5.15 per share.

“HP expects to lead and win in a large and growing market,” Lesjak said.

HP is the world’s number one computer maker but is also competing increasingly aggressively with companies like IBM and Oracle for integrated enterprise technology products and services. HP recently beat out competitor Dell in a $2.4 billion bidding war for data storage maker 3Par and also bought security software maker ArcSight

for $1.5 billion.