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Hewlett-Packard posts higher 3Q earnings

Thu, 08/18/2011 - 12:05pm
The Associated Press

PALO ALTO, California (AP) — Hewlett-Packard says its third-quarter net income grew, but the technology giant is lowering its revenue forecast for the year.

HP reported its earnings before the markets closed Thursday after saying it plans to spin off its PC business and stop selling its webOS tablet and mobile phones.

Hewlett-Packard Co. said it earned 93 cents per share. That's up from 75 cents per share a year earlier. Adjusted earnings were $1.10 per share, a penny above analyst expectations.

HP says its revenue climbed less than 2 percent to $31.2 billion from $30.7 billion. This matched analysts' average expectations, according to FactSet.

For the current quarter, HP is forecasting adjusted earnings below analyst expectations. It is also lowering its full-year revenue outlook slightly.

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