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Hewlett-Packard earnings, revenue beat Street estimates

Attendees arrive for the HP Discover 2013 conference in Las Vegas, Nevada.
Jacob Kepler | Bloomberg | Getty Images
Attendees arrive for the HP Discover 2013 conference in Las Vegas, Nevada.

Hewlett-Packard delivered quarterly earnings and revenue that surpassed analysts' expectations on Tuesday.

After the earnings announcement, the company's shares fell nearly 1 percent in after-hours trading.

What is HP stock doing now? (Click here to get the latest quote.)

The tech-services giant posted fiscal fourth-quarter earnings, excluding items, of $1.01 per share, down from $1.16 a share in the year-earlier period.

Revenue decreased to $29.13 billion from $29.96 billion a year ago.

Analysts had expected the company to report fourth-quarter earnings, excluding items, of $1.00 a share on $27.91 billion in revenue, according to a consensus estimate from Thomson Reuters.

Revenue fell across most of HP's business divisions except the enterprise group, whose sales edged up 2 percent to $7.6 billion. Sales from HP's largest, PC-focused unit slipped 2 percent to $8.58 billion while the printing division's sales dipped 1 percent to $6.04 billion.

CEO Meg Whitman, who took the helm of the world's biggest personal computer maker more than a year ago, said last month she expects revenue to stabilize in 2014, with some areas of growth for the company.

With the help of job cuts and expansion into markets and areas with longer-term potential, such as enterprise computing services, the CEO is trying to reconfigure the Silicon Valley icon and return it to growth.

For the 2014 fiscal year, the firm reported net earnings, excluding items, of $3.56 per share on $112.3 billion in net revenue, down about 7 percent from the prior year.

For the current quarter, HP expects earnings to come in between 82 cents and 86 cents per share; analysts estimate they'll come in at 85 cents per share. For fiscal 2014, HP expects earnings of $3.55 to $3.75 per share; analysts expect $3.64 per share.

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