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HP Q2 Profit Beats Street View

California-based PC and printer manufacturer Hewlett-Packard Co. (HPQ), Thursday reported a jump in net income for the second quarter, chiefly powered by a rise in revenue. Earnings per share for the quarter topped Wall Street view.

The company reported a net income of $1.2 billion or $0.98 per share, compared to $0.8 billion or $0.53 per share in the same quarter last year.

Excluding one-time items, the net income for the quarter was $1.2 billion or $0.93 per share, up from $0.7 billion or $0.51 per share in the same quarter last year.

Fifteen analysts polled by Thomson Reuters expected the earnings to be $0.89 per share in the quarter. Analyst estimates usually exclude special items.

The company reported revenue for the quarter of $15.9 billion, up 27.3% year over year from $12.5 billion. Twelve analysts projected revenue of $15 billion for the quarter. A 63% increase in notebook revenue was partially mitigated by a 5% decrease in Desktops.

Looking forward, the company estimates adjusted earnings of $0.81 to $0.85 per share for the third quarter. The analysts forecast an average earning of $0.75 per share in the coming quarter.

For the full year, the company expects adjusted earnings of $3.40 and $3.50 per share. The Street expects the company to make $15.1 billion in revenue with $3.3 earnings per share.

Enrique Lores, HP President, and CEO commented, "Our performance and our positive outlook for the full year reflect the relevance of our innovation, the resilience of our business model, and the operational excellence of our teams."

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