Hewlett-Packard Co., or HP (HPQ) Wednesday, reported second-quarter profit of
$1.1 billion or $0.55 per share, down from $1.6 billion or $0.80 per share in the comparable quarter.
Adjusted earnings for the quarter was $1.7 billion or $0.87 per share. On average, 29 analysts polled by Thomson Reuters expected the company to earn $0.81 per share for the quarter. Analysts' estimates typically exclude special items.
Revenues decreased 10 percent to $27.6 billion from $30.7 billion last year. Analysts expected revenues of $28.12 billion.
Looking ahead to the third quarter, HP has forecast earnings in the range of $0.56 to $0.59 per share, with adjusted earnings in the order of $0.84 to $0.87 per share. Analysts currently expect the company to earn $0.84 per share for the third quarter.
For the fiscal year 2013, the company has raised its earnings target to a range of $2.50 to $2.60 per share from previous guidance range of $2.30 to $2.50 per share.
Adjusted earnings is currently projected in a range of $3.50 to $3.60 per share, up from $3.40 to $3.60 per share announced previously. Analysts currently expect full-year earnings of $3.49 per share.
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