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Hewlett-Packard Earnings, Revenue Match Expectations

Hewlett-Packard reported a quarterly profit that rose from last year and was in line with preliminary results that the company announced earlier this month, as server and personal computer sales helped results.

Hewlett Packard
AP
Hewlett Packard

The world's biggest technology company by sales reported a profit of $1.08 a share in its fiscal third quarter excluding one-time items, up from 91 cents a share last year.

Sales for the most recent period rose to $30.7 billion, against revenue of $27.451 billion last year.

Earlier this month, HP announced identical preliminary results. Both numbers were slightly better than what analysts were expecting at the time.

HP pre-announced in an effort to reassure Wall Street after the sudden departure of CEO Mark Hurd, who was ousted over falsified expense reports for his dinners and other outings with a former HP marketing contractor.

For fiscal 2010, HP repeated its forecast from two weeks ago, predicting non-GAAP earnings of $4.49 to $4.51 a share on revenue of $125.3 billion to $125.5 billion.

"It's a great quarter coming off an awful quarter last year," said Martin Reynolds, an analyst at Gartner. "Revenues are down from the second quarter, which certainly suggests the recovery trajectory is slowing.

"Looking ahead, they're going to start running against tougher comparisons and potential currency pressures, so we're cautiously optimistic for the second half of the year. Although there are troubling signs, we think the technology industry will remain robust," Reynolds said.

HP shares were less than 1 percent lower in extended trading Thursday. Get after-hour quotes for Hewlett-Packard here.

The stock, a component of the Dow Jones Industrial Average, finished the regular New York Stock Exchange session down by more than 1 percent on a day when the market was broadly lower.

- AP and Reuters contributed to this story.

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