Dell Computer Corporation last night reported fourth quarter net earnings of $425 million (€379.9 million), a 49 per cent increase over the same period in the previous fiscal year. Dell employs 3,500 in the Republic.

Hewlett-Packard (HP) reported first quarter net earnings of $960 million (€858 million), an increase of 3 per cent over the same period of 1998. HP employs 1,500 in its Irish operations.

Dell's earnings per share in the quarter that ended on January 29th came to 31 cents, in line with market expectations, and compared to 20 cents in fourth quarter 1998.

Revenue rose 38 per cent to $5.2 billion, as the company said direct sales via the Internet came to $14 million a day.

For the year, revenue increased 48 per cent over fiscal 1998 to $18.2 billion dollars, with earnings per share rising 64 per cent to $1.05.

"In the fourth quarter, we grew our business at more than three and one-half times the market rate, our Internet business leadership accelerated, and we had great success winning customer accounts." said Dell chairman Mr Michael Dell.

"Consequently, Dell is well positioned for continued industry-leading growth in the coming year."

The company said revenue rose 39 percent over the year-ago quarter in North and South America. In Europe, revenue in the fourth quarter increased 40 per cent year-over-year.

In the Asia-Pacific, including Japan, Dell said it continued to grow profitably, despite persistent economic uncertainty in the region.

Earnings per share at Hewlett-Packard, at 92 cents, beat market expectations by 10 cents and were up from 86 cents in first quarter 1998.

Revenue in the quarter was virtually unchanged, $11.93 billion compared with $11.81 billion a year earlier.

Despite the results, HP chairman Mr Lewis Platt said the company was not "meeting (its) growth objectives."

"We need to stay sharply focused on stimulating business while remaining sensitive to the need for careful expense management."

Net revenue in the United States was $5.1 billion in the first

quarter, a decline of 2 per cent compared with a year earlier.

In Europe, revenue totalled $4.5 billion, an increase of 9 per cent, while in Asia-Pacific, Canada and Latin America, combined revenue fell s6 per cent to $2.3 billion.