The Palo Alto, Calif.-based firm brought in revenue of $30.7 billion and earnings of 98 cents a share, compared to sales of $31.6 billion and earnings of $1.24 a share in the same period last year. Analysts surveyed by Thomson Reuters were looking for sales of $29.92 billion and earnings of 91 cents a share.
HP on Wednesday also announced plans to cut 27,000 jobs, or 8% of its work force, by 2014. HP expects to save between $3 billion and $3.5 billion from the cuts by the end of fiscal 2014.
Shares of HP rose 8.4% to $22.85 before market open.Storage specialist NetApp (NTAP), which reported its fourth-quarter results after market close on Wednesday, was a big loser after issuing tepid first-quarter guidance. NetApp shares plunged 14.33% to $28.15. The Sunnyvale, Calif.-based company was also the most active Nasdaq stock on share volume of 2,446,554. Facebook (FB) was another active Nasdaq stock. Shares of the newly public social networker rose 1.78% to $32.57 on share volume of 721,452. Apple (AAPL) shares rose 0.67% to $574.39 on volume of 173,707. --Written by James Rogers in New York. >To follow the writer on Twitter, go to http://twitter.com/jamesjrogers. >To submit a news tip, send an email to: email@example.com. Check out our new tech blog, Tech Trends. Follow TheStreet Tech on your wireless devices.
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