Hewlett-Packard turns 3Q profit but revenue falls

Aug 21, 2013 by Barbara Ortutay

Hewlett-Packard made a profit in the latest quarter, reversing a huge loss a year ago that stemmed from an $8 billion charge. But the technology bellwether's revenue declined amid an ongoing weakness in the PC market.

Hewlett-Packard Co. said Wednesday that it earned $1.39 billion, or 29 cents per share, in the fiscal third quarter that ended July 31. That's up from a loss of $8.86 billion, or $4.49 per share, a year ago when the results included a charge to reflect the shrinking value of Electronic Data Systems, a technology consulting service HP bought for $13 billion in 2008.

Revenue fell 8 percent to $27.2 billion from $29.7 billion.

Excluding one-time items, HP earned 86 cents per share in the latest quarter.

Analysts expected earnings of 87 cents per share on revenue of $27.3 billion, according to FactSet.

For the full year, HP said it expects adjusted of $3.53 to $3.57 per share, roughly in line with the $3.56 per share analysts are expecting.

Shares of Palo Alto, California-based Hewlett-Packard slipped 27 cents to $25.11 in after-hours trading. The stock had closed down 46 cents at $25.38

HP also reassigned its , Bill Veghte. He will now be executive and general manager of the HP Enterprise Group. The company didn't name a replacement. Dave Donatelli, the group's previous head, will "take on a new role focused on identifying early-stage technologies," HP said.

Explore further: Time Warner 2Q net income jumps 87 pct

not rated yet
add to favorites email to friend print save as pdf

Related Stories

HP to take record quarterly loss

Aug 08, 2012

(AP) — Hewlett-Packard Co. on Wednesday said that it will take a massive charge against its earnings for the latest quarter, leading to a record loss of nearly $9 billion.

Time Warner 2Q net income jumps 87 pct

Aug 07, 2013

Time Warner, owner of HBO, CNN, and Warner Bros., says its second-quarter net income jumped 87 percent, boosted by better results at its film and TV businesses.

Hewlett-Packard reports higher 3Q earnings

Aug 19, 2011

(AP) -- Hewlett-Packard Co. reported an increase in its third-quarter net income on Thursday, but the technology company gave a lower-than-expected outlook for the current quarter and cut its outlook for ...

Sprint 2Q loss expands, revenue flat

Jul 30, 2013

Wireless carrier Sprint's second-quarter losses grew while revenue held steady in its first earnings report under majority owner SoftBank.

Fully-owned NBCUniversal boosts Comcast 2Q results

Jul 31, 2013

The decision by Comcast Corp., the country's largest cable company, to buy out General Electric in NBCUniversal looks like a smart one, as the media conglomerate posted strong results for the second quarter.

Recommended for you

Chinese man brings gay conversion therapy lawsuit

2 hours ago

(AP)—A gay Chinese man said Thursday he was suing a psychological clinic for carrying out electric shocks intended to turn him straight, as well as the search engine giant Baidu for advertising the center.

Alcatel loss narrows in 2Q but revenue stagnates

3 hours ago

(AP)—Telecommunications equipment company Alcatel-Lucent SA says its net loss narrowed in the second quarter thanks to lower accounting charges, while revenue stagnated and restructuring charges mounted.

Sony surprises with first quarter profit

8 hours ago

(AP)—Sony Corp. reported a surprise eightfold jump in quarterly profit Thursday as sales got a perk from a cheap yen and its bottom line was helped by gains from selling buildings and its stake in a video-game maker.

User comments : 0