Hewlett-Packard said yesterday evening it had recorded a net profit increase of 37 per cent in its Q3 while revenues grew by 11 per cent, year on year. Its net profits amounted to $853 million for the quarter, compared to $621 million in Q3 1998, while revenues rose to $12.2 billion. European growth was strong, with the contribution rising to $4 billion, 13 per cent increase. The PC and imaging businesses grew by 12 per cent, accounting for $10.3 billion of turnover. Its Unix business also showed solid growth, said HP, but storage revenue fell sharply, as the company moved to a high end storage model. Its laser, printer and scanner businesses also grew significantly. HP managed to cut its cost of sales figures, while its expenses for the period remained largely the same. ®