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HP Plans PC Spinoff

  • HP (HPQ - Get Report) reported adjusted earnings per share of $1.10 cents on sales of $31.2 billion for its fiscal third quarter, compared to the $1.08 EPS on revenue of $30.7 billion reported in the year-ago period.
  • Analysts expected adjusted EPS of $1.09 on sales of $31.17 billion.
  • Shares of HP were halted at $30.42 at 2.55 PM ET on Monday. The shares reopened about 15 minutes later, trading down 7.52% at $29.03.
  • In a statement, HP confirmed that it will be looking for "strategic alternatives" for its Personal Systems Group (PSG). This could include either a full or partial spin off of the business from HP.
  • HP also plans to discontinue operations for it webOS devices, specifically the TouchPad and webOS phones. HP will continue to "explore options" to optimize the value of webOS software going forward, it said.
  • The tech giant confirmed that it is in discussions with U.K. software maker Autonomy regarding a possible acquisition of the company.

--Written by James Rogers in New York.

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