Hewlett-Packard 1Q earnings, revenue top views

Feb 20 2014, 4:45pm CST | by

PALO ALTO, Calif. (AP) — Hewlett-Packard Co. on Thursday reported first-quarter earnings and revenue that topped Wall Street's forecasts, mainly on the surprising strength personal computer sales to businesses.

But the company may have benefited from a one-time bump from companies upgrading to Windows 7 and buying new machines for employees before Microsoft stops supporting Windows XP in April.

The Palo Alto, Calif., company's outlook for the second quarter was slightly below forecasts, while its full-year outlook was mostly in line.

"My concern is that they perhaps pulled forward some demand," said Bill Kreher, an analyst with financial advisory firm Edward Jones. "That is why their earnings outlook for the second quarter is not as high as perhaps some were hoping for."

Net income in the quarter through Jan. 31 rose 16 percent to $1.43 billion, or 74 cents per share, from $1.23 billion, or 63 cents per share, a year earlier.

Excluding restructuring and other charges, adjusted earnings came to 90 cents per share. Analysts polled by FactSet expected 85 cents.

Revenue dipped 1 percent to $28.15 billion, but was flat excluding currency effects. Analysts expected $27.20 billion.

Personal computer sales rose 4 percent to $8.53 billion, bucking a global decline. Research firm Gartner Inc. said last month that global PC shipments fell 7 in the final three months of 2013 as consumers bought more tablets and smartphones. International Data Corp. put the drop at 6 percent.

HP expects second-quarter adjusted earnings of 85 to 89 cents per share. The midpoint of that range is below the 89 cents analysts were forecasting. It expects full-year adjusted earnings of $3.60 to $3.75 per share, with the midpoint slightly above the $3.66 analysts were expecting.

Its shares rose 6 cents to $30.25 in after-hours trading following the release of results, after closing up 74 cents, or 2.5 percent, at $30.19 in the regular session.

Source: AP Business

 
 

Don't miss ...

 

<a href="/latest_stories/all/all/31" rel="author">Associated Press</a>
The Associated Press (AP) is one of the largest and most trusted sources of independent newsgathering, supplying a steady stream of news to its members, international subscribers and commercial customers.

 

blog comments powered by Disqus

Latest stories

Merkel warns of recession in Europe
Berlin, Nov 26 (IANS) German Chancellor Angela Merkel Tuesday warned that Europe could slide back into recession, media reported.
 
 
India, Nepal ink nine deals; Modi inaugurates trauma centre, bus service (Roundup)
Kathmandu, Nov 25 (IANS) Nepal's happiness "gives us joy", Prime Minister Narendra Modi said here Tuesday on his second visit to the Himalayan country in 100 days as both sides inked nine agreements, further cementing their close ties.
 
 
India, Nepal ink 10 deals; Modi inaugurates trauma centre, bus service (Intro Roundup)
Kathmandu, Nov 25 (IANS) Nepal's happiness "gives us joy", Prime Minister Narendra Modi said here Tuesday on his second visit to the Himalayan country in 100 days as both sides inked 10 agreements, including on $1 billion assistance to Nepal.
 
 
Saarc leaders to meet amid hopes of South Asian integration (Curtain Raiser)
Kathmandu, Nov 25 (IANS) The 18th Saarc Summit begins here Wednesday with focus on deeper integration among the eight South Asian neighbours, amid high hopes that the leaders of India and Pakistan will meet to break their diplomatic ice.
 
 
 

Latest from the Network

Pakistani court awards 26-year jail to media group owner
Islamabad, Nov 26 (IANS) An anti-terrorism court in Pakistan Tuesday awarded 26-year jail term to owner of the country's major media group for airing "blasphemous contents" during a TV programme. The court ordered the...
Read more on Politics Balla
 
Lady Gaga shows skin in quirky dress
Paris, Nov 26 (IANS) Singer Lady Gaga has done it again -- grabbed eyeballs with a revealing short dress with a plunging neckline. The 28-year-old, who was here for her Artpop tour, stunned all and sundry by showing a...
Read more on Celebrity Balla
 
The Best Apple TV Black Friday Deal
The deals of the Apple Black Friday 2014 Sale surfaced and while all Gift Card bundles got cut or stayed the same the Apple TV Gift Card bundle comes out on top of all Apple TV Black Friday deals.Last year the best...
Read more on Apple Balla
 
Pakistan stresses on regional cooperation strategy at SAARC
Kathmandu, Nov 26 (IANS) Sartaj Aziz, adviser to the Pakistan prime minister on national security and foreign affairs, Tuesday stressed that a regional cooperation strategy must be formulated at the two-day SAARC...
Read more on Politics Balla
 
India, Nepal ink nine deals; Modi inaugurates trauma centre, bus service (Roundup)
Kathmandu, Nov 25 (IANS) Nepal's happiness "gives us joy", Prime Minister Narendra Modi said here Tuesday on his second visit to the Himalayan country in 100 days as both sides inked nine agreements, further cementing...
Read more on Politics Balla
 
Nearly 100 killed in Nigerian attacks since Monday (Intro Roundup)
Lagos, Nov 25 (IANS) Nearly 100 people have been killed in separate attacks carried out by Boko Haram militants since Monday in Nigeria's Maiduguri city and Damasak and Ashigarchi towns, media reports said Tuesday....
Read more on Politics Balla
 
China to continue working with Saarc for mutual benefit: Official
Beijing, Nov 25 (IANS) China attaches great importance to Saarc and will continue its practical cooperation with the regional bloc "in the spirit of mutual benefit and win-win cooperation", a Chinese foreign ministry...
Read more on Politics Balla
 
15 killed in Egypt building collapse
Cairo, Nov 25 (IANS) At least 15 people were killed in a building collapse in Egypt's capital Cairo Tuesday, media reported. Rescuers were working to remove the rubble of the eight-storey building in the city's...
Read more on Politics Balla
 
India, Nepal ink 10 deals; Modi inaugurates trauma centre, bus service (Intro Roundup)
Kathmandu, Nov 25 (IANS) Nepal's happiness "gives us joy", Prime Minister Narendra Modi said here Tuesday on his second visit to the Himalayan country in 100 days as both sides inked 10 agreements, including on $1...
Read more on Politics Balla
 
45 killed in Nigeria twin bombings
Abuja, Nov 25 (IANS) At least 45 were killed Tuesday in two blasts that rocked a busy market in Maiduguri, capital of Nigeria's northeastern state of Borno and epicentre of Boko Haram's violence in the West African...
Read more on Politics Balla