HP tops Q3 earnings estimates

HP tops Q3 earnings estimates

Hewlett-Packard yesterday reported higher-than-expected third-quarter earnings, citing its aggressive Net approach as well as growing PC demand as reasons for increased revenue.

For the period ending July 31, 2000, HP reported net income of $US1.04 billion on net revenue of $11.8 billion, increases of 23 per cent and 15 per cent respectively year-over-year.

HP beat analysts' estimates by a significant margin, announcing diluted earnings per share of 99 cents, up from 66 cents in the same period a year ago.

First Call/Thompson Financial polled 20 analysts who gave an earnings-per-share prediction of 85 cents.

"Last year at this time, we committed to becoming a more aggressive and focused HP, delivering strong top and bottom line growth on a consistent basis," said Carly Fiorina, HP president and chief executive officer, in a company statement.

In addition, HP's board of directors approved a 2-for-1 stock split that would come in the form of a stock dividend. Share and per-share amounts have not yet been adjusted to account for the split.

HP released its results after the markets closed. While the company's stock was sluggish throughout the day, it closed at $111.62 up 0.56 percent. In the course of Wednesday's trading, HP's stock price had dipped to a low of $108.25.

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