HP Pops on Earnings Beat

Tickers in this article: HPQ

SAN FRANCISCO (TheStreet) -- HP shares jumped 9.33% to $23.23 after the PC giant reported results that beat Wall Street expectations.

The Palo Alto, Calif.-based HP reported earnings of 87 cents per share on $27.6 billion in revenue for its first quarter. That was better than the range of 80 cents to 82 cents the company provided in its previous forecast.

Analysts polled by Thomson Reuters were looking for 82 cents per share on $28.36 billion in sales.

"We beat the upper end of our non-GAAP diluted EPS outlook for the quarter by $0.05 per share, driven by better than expected performance in Enterprise Services and Printing, coupled with the accelerated capture of restructuring savings and improvement in our operations," said Meg Whitman, HP president and chief executive officer.

For the third quarter, HP expects it will earn on a non-GAAP basis between 84 cents and 87 cents per share. For the full-year, the computer maker expects non-GAAP diluted EPS to be between $3.50 and $3.60 per share.

"I am encouraged by our performance in the second quarter, and I feel good about the rest of the year," added Whitman. "As I have said many times before, this is a multi-year journey. We have a long way to go, but we are on track to deliver on our fiscal 2013 non-GAAP diluted earnings per share outlook."

Shares of HP finished the session higher, up 0.57% to $24.05.

--Written by Chris Ciaccia in Newport, Calif.

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