HP posts $1.4B fiscal 4Q profit

Nov 26, 2013

Hewlett-Packard posted net income of $1.4 billion for its fiscal fourth-quarter, as cost cuts stemming from its ongoing restructuring more than offset the effects of sluggish computer demand.

The world's second-largest maker of PCs, considered a bellwether in the technology industry, also issued a strong profit prediction for the .

The Palo Alto, California-based company's stock rose $1.66, or 7 percent, to $26.82 in extended trading after the results were released. The shares had dipped 16 cents to close at $25.16 in Tuesday's regular trading session.

So far this year, HP's stock has gained about 77 percent.

CEO Meg Whitman said better execution and cost management were driving the positive results. She said that while there is still much work to do, the quarter's results show HP's turnaround remains on track heading into fiscal 2014.

The has struggled in recent years as consumers turn their attention toward smartphones and tablet computers. HP has tried to offset declining PC demand by cutting costs and focusing on more profitable areas such as commercial and home printing.

Lately the company has been optimistic about the future. Last month, the company predicted that fiscal 2014, which started in November, will be a year of "recovery and expansion."

For the quarter ended Oct. 31, HP's profit amounted to 73 cents per share and compared with a loss of $6.9 billion, or $3.49 per share, in the same period a year ago. Excluding one-time charges, the company earned $1.01 per share for the recent period.

Revenue fell 3 percent to $29.1 billion.

Analysts polled by FactSet expected a profit of $1 per share on $27.86 billion in revenue.

For the fiscal first quarter, the company predicts an adjusted profit of between 82 cents and 86 cents per share. HP also backed its previously issued fiscal 2014 profit prediction of $3.55 to $3.75 per share.

Analysts expect first-quarter earnings of 85 cents per share and a fiscal-year of $3.64 per share.

Explore further: Jury decides Silicon Valley firm did not discriminate

5 /5 (1 vote)
add to favorites email to friend print save as pdf

Related Stories

Hewlett-Packard turns 3Q profit but revenue falls

Aug 21, 2013

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.

Cisco's 1Q revenue falls below estimates

Nov 13, 2013

Cisco's fiscal first-quarter revenue grew slower than expected and net income declined, which sent the technology company's stock lower in extended trading.

Texas Instruments 3Q profit drops, outlook weak

Oct 21, 2013

Chipmaker Texas Instruments Inc. said Monday that its net income fell 20 percent in the third quarter. Its outlook for the current period was worse than analysts expected, and shares slipped.

EBay CEO cites 'uncertainty' for weak 4Q outlook

Oct 17, 2013

EBay said the growth rate of e-commerce in the United States is slowing as it delivered a weaker than expected profit and revenue outlook for the current quarter through December. The company's third-quarter earnings edged ...

Recommended for you

Jury decides Silicon Valley firm did not discriminate

6 hours ago

A jury decided Friday that a prestigious venture capital firm did not discriminate or retaliate against a female employee in a case that shined a light on gender imbalance and working conditions for women ...

Intel in talks with Altera on tie-up

6 hours ago

US tech giant Intel is in talks with rival Altera on a tie-up to broaden the chipmaker's product line amid growth in Internet-connected devices, the Wall Street Journal reported Friday.

Apple chief Cook to give his wealth away: Fortune

10 hours ago

Apple chief Tim Cook is joining Mark Zuckerberg, Bill Gates and other technology titans who have vowed to donate their wealth to charities, according to a report in Fortune magazine.

BlackBerry tops 4Q profit forecasts

15 hours ago

BlackBerry posted a surprise profit in the fourth quarter, but saw a sharp drop-off in revenue as the once-iconic smartphone company said it reached the halfway mark of its turnaround effort.

User comments : 1

Adjust slider to filter visible comments by rank

Display comments: newest first

VendicarE
not rated yet Nov 27, 2013
HP makes PC's?

Since when? There Last CEO made tens of millions of dollars by moving to get them out of the PC business.

Worth every penny IMO.

Please sign in to add a comment. Registration is free, and takes less than a minute. Read more

Click here to reset your password.
Sign in to get notified via email when new comments are made.