SAN FRANCISCO (AP) - 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.
By Douglas Holtz-Eakin
The young drop coverage to avoid higher premiums
Independent voices from the TWT Communities
Politics, economics, and business from a real world perspective.
News and views on the Civil War.
Wall Street news before (and occasionally after) the opening bell.
Benghazi: The anatomy of a scandal
Vietnam Memorial adds four names
Cinco de Mayo on the Mall
NRA kicks off annual convention
California wildfires wreak havoc