HP Earnings, Revenue Beat Forecasts; Stock Rises

Hewlett-Packarddelivered higher-than expected earnings and revenue on Monday, sending its shares higher in after-hours trading.

Hewlett Packard
Hewlett Packard

The computer company posted earnings excluding items of $1.17 per share in its fiscal fourth quarter, down from $1.33 per share a year ago.

HP's stock rose 4 percent after the earnings announcement. (Click here to get the latest after-hour quotes for Hewlett-Packard.)

Revenue was $32.1 billion, a 3.5 percent decrease from $33.28 billion in the year-earlier period.

Analysts had expected the company to report earnings of $1.13 a share on revenue of $32.05 billion, according to Thomson Reuters.

During the quarter, which ended on Oct. 11, HP announced a change in leadership. The company named former eBay Chief Executive Meg Whitmanas its new president and CEO on Sept. 22. Whitman replaced unpopular head Leo Apotheker.

HP's weak 2012 earnings forecast underscores that the technology giant is heading into a testing year. Whitman said in an interview that the year ahead was a "rebuilding year" for the company.

The company also completed its purchase of British software firm Autonomyfor $12 billion on Oct. 3.

The company's shares fell 4 percent to close at $28.86 in regular trading on Monday.