WORLD
Hewlett-Packard Earnings Beat, but Sales Are Light
Baku, August 23 (AZERTAC). Hewlett-Packard reported quarterly earnings that beat Wall Street`s expectations, but its revenue came in below estimates on Wednesday.
After the earnings announcement, the personal computer maker`s (HPQ) shares initially rose but later traded nearly flat after the closing bell. (Click here to get the latest quotes for Hewlett-Packard.)
HP reported a net loss of $8.85 billion, or $4.49 per share, down from a profit of $1.9 billion, or 93 cents a share, in the year-earlier period.
The loss included a massive write-down of the value of its services business, most of which was related to its purchase of EDS.
Excluding the charge, the company posted fiscal third-quarter earnings excluding items of $1.00 per share, down from $1.10 a share in the year-earlier period.
Revenue fell 5 percent to $29.7 billion from $31.19 billion a year ago.
Analysts had expected the company to report earnings excluding items of 98 cents a share on $30.1 billion in revenue, according to a consensus estimate from Thomson Reuters.
The company said it expects full-year earnings of $4.05 to $4.07 a share. Analysts had been expecting $4.07 per share.
HP`s earnings release comes one day after Dell issued a full-year outlook that disappointed analysts in its quarterly report. Dell`s (DELL) chief financial officer Brian Gladden observed that growth in the company`s PC business was challenging amid what he described as a "tough macroeconomic and competitive environment."