Report: H-P Storage Soars

The company increased revenue by more than 10% in the second quarter, says researcher IDC.
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Updated from 12:01 a.m. EDT

Hewlett-Packard

(HPQ) - Get Report

continues to fire on all cylinders. The latest example: Led by strong sales in Western Europe, H-P outpaced the market for external storage, growing revenue by more than 10% in the second quarter, according to a survey by IDC.

H-P is now in a statistical tie with rival

EMC

(EMC)

, owning 19.3% of the market, compared with 20% for EMC, and 13.8% for third-place

IBM

(IBM) - Get Report

.

However, when sales by

Dell

(DELL) - Get Report

of EMC's network-storage gear are taken into account, EMC's share is about 26%, says IDC analyst Brad Nisbet.

"H-P has been executing very well for 18 months," he said, adding that the company's sales in Western Europe, which had been a problem spot, grew by 22%.

H-P, though, is unlikely to overtake EMC in the near future because EMC was hurt by inventory problems that probably won't recur, Nisbet said.

EMC's external-storage sales were $830 million without Dell's contribution and $1.08 billion when those sales are included. IBM's sales were $547 million.

Fifth-place

Hitachi

(HIT)

, whose products are resold by H-P, grew sales by 17% to $332 million, while Dell grew by just 3.5% to $326 million.

The market as a whole grew by 8.5% to $4.15 billion, IDC found.