HP's 1Q results top analyst forecasts - 13 WTHR Indianapolis

HP's 1Q results top analyst forecasts

Posted: Updated:
SAN FRANCISCO -

Slumping personal computer maker Hewlett-Packard has shown signs of progress in its latest quarter, even though its earnings dropped 16 percent.

The fiscal first-quarter results announced Thursday topped the forecast of Hewlett-Packard Co.'s own management, as well as stock market analysts.

That could raise hopes that HP's turnaround efforts are running ahead of schedule. CEO Meg Whitman has consistently said it may be several years before HP is on solid ground again.

HP earned $1.2 billion, or 63 cents per share, in the three months ending in January. That compares with nearly $1.5 billion, or 73 cents per share, at the same time a year earlier.

Revenue fell 6 percent to $28.4 billion.

It's the sixth consecutive quarter that HP's revenue has dropped from the previous year.

(Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)

Powered by WorldNow