HP capped off a record year by delivering a solid Q4 with year-over-year revenue growth of 19% to $33.6 billion, and non-GAAP EPS growth of 20% to $1.03. Excluding EDS, HP revenue grew 2% when adjusted for the effects of currency.
These are good results, but not the great results we’re used to. However, relative to the marketplace these are perhaps even more impressive. We continued to benefit from our global reach, diverse customer base, broad portfolio, and numerous cost initiatives. We believe we held or gained share in every one of our segments, while continuing to show discipline in our pricing and promotions.
Software, services, notebooks, blades and storage each posted double digit revenue growth, highlighting both our market leading technology and improved execution. Technology Services and Outsourcing Services showed particular strength. TS had double digit growth in orders and revenue for the year, and OS had its best quarter in history, with strong revenue growth, record profitability and several significant wins. The EDS integration is on track and customer response to the acquisition remains very positive.
Because of your achievements, we are able to fund the HP Variable Performance Bonus for 2008. Consistent with our variable compensation philosophy, the specific pools within the bonus program will be funded at different levels based on the operating results for particular businesses. In addition, the bonus program gives managers flexibility in allocating bonus pool dollars based on individual performances against objectives. Bonuses for eligible pre-acquisition EDS employees will be determined under the EDS bonus program that was in place prior to the acquisition. Rewarding people appropriately for performance is a pillar of our culture and it’s important that we recognize our strong 2008 results.
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