HP reports revenue above Street estimates

By @ibtimes on

Hewlett-Packard Co's quarterly results exceeded Wall Street's modest expectations, while a weak 2012 earnings forecast underscores that the technology giant is heading into a testing year.

Shares in the company edged up 2.4 percent to $27.50 in extended trading, after shedding more than 4 percent to close at $26.86 on the New York Stock Exchange.

The world's largest technology company by sales said non-GAAP net revenue in the fiscal fourth quarter inched up 1 percent to $32.3 billion. Analysts had predicted revenue of $32.05 billion on average, according to Thomson Reuters I/B/E/S.

For fiscal 2012, HP is projecting earnings of at least $4 per share, excluding items.

Wall Street analysts on average expect the company to earn $4.54 for the full year, according to Thomson Reuters I/B/E/S.

Recently appointed Chief Executive Meg Whitman said in an interview that the year ahead was a rebuilding year for HP.

(Reporting by Poornima Gupta and Edwin Chan; Editing by Gary Hill)

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