By Josh Beckerman
Hewlett-Packard Co. on Thursday reported a 7% drop in revenue
for the April quarter, hurt by declines in all its major segments,
and issued downbeat earnings guidance for the current quarter.
Still, shares of H-P--off 16% in 2015--rose less than 1% to
$34.10 in after-hours as the company's per-share earnings in the
first quarter were better-than-expected and the company maintained
its year outlook.
The company also named the chief financial officers for the two
companies to be created by its previously announced, which H-P says
remains on track to occur later this year.
In October, Hewlett-Packard unveiled plans to separate its
personal-computer and printer businesses, to be called HP Inc.,
from its corporate hardware and services operations, which has been
billed as the growth engine and will be known as Hewlett-Packard
Enterprise.
The company said Thursday that current Chief Financial Officer
Cathie Lesjak will be the financial chief of HP Inc. Tim
Stonesifer, meanwhile, will be the chief financial officer of
Hewlett-Packard Enterprise. He is currently the chief financial
officer of the company's enterprise group.
For the second quarter ended April 30, H-P's earnings fell to $1
billion, or 55 cents a share, from $1.3 billion, or 66 cents a
share. Excluding certain items, the company's per-share earnings
were 87 cents, below the 88 cents from a year ago but above the
average analyst estimate of 85 cents.
The company's revenue of $25.5 billion fell below the $25.635
billion projected by Wall Street analysts. The company had warned
that the strong dollar was hurting results. On a constant-currency
basis, the decline was 2%, H-P said.
H-P expects per-share earnings excluding items of 83 cents to 87
cents for the current quarter. Analysts polled by Thomson Reuters
had projected 87 cents.
For the year ending in October, H-P maintained its estimate for
earnings excluding items of $3.53 to $3.73 a share.
Write to Josh Beckerman at josh.beckerman@wsj.com
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