- Associated Press - Tuesday, February 22, 2011

SAN FRANCISCO (AP) - Hewlett-Packard’s earnings jumped 16 percent as the company benefited from expanded efforts to sell technology to businesses. But its revenue growth fell short of Wall Street’s targets, raising questions about the momentum of the company’s massive transformation.

HP reported after the market closed Tuesday that its net income was $2.61 billion, or $1.17 per share, versus $2.25 billion, or 93 cents per share, a year ago. Excluding items, HP earned $1.36 per share. That was ahead of analysts’ expectation for $1.29 per share, according to FactSet.

Revenue grew 4 percent to $32.30 billion. That growth wasn’t as robust as analysts expected. Analysts predicted $32.96 billion.

HP sought to counter fears by raising its full-year profit outlook to a range of $5.20 to $5.28 per share, excluding items. Analysts expected $5.23.