NEW YORK ( TheStreet) - HP (HPQ - Get Report) was a big loser in pre-market trading on Thursday as investors balked at the tech giant's third-quarter results, released after market close on Wednesday.
The Palo Alto, Calif.-based company brought in sales of $29.7 billion, down from $31.2 billion in the prior year's quarter, and below analysts' forecast of $30.1 billion.
Declining PC and printing sales, in particular, weighed heavily on the company's top line. Revenue from HP's Personal Systems Group (PSG) declined 10% in the third quarter, while Imaging and Printing Group (IPG) revenue was down 3%.
Excluding items, HP earned $1 a share, in line with its pre-announcement earlier this month, but down from $1.10 a share a year earlier.HP also lowered its guidance. For fiscal 2012, the company now expects earnings of $4.05 to $4.07 a share, at the low end of its previously provided outlook. Shares of HP, which closed down 3.66% on Wednesday, tumbled 5.21% to $18.22 in pre-market trading. Logitech (LOGI - Get Report), which introduced a washable keyboard for PCs on Wednesday, was a big winner, rising 6.78% to $9.29. Consulting and outsourcing giant Infosys (INFY - Get Report) was another gainer, climbing 1.86% to $44.31 before market open. Earlier this week a U.S. court threw out a high-profile harassment lawsuit filed against Infosys by an employee. Apple (AAPL - Get Report), which hit a new all-time high earlier this week, slipped 0.07% to $668.37 before market open. The iPhone maker was also one of the most active pre-market Nasdaq stocks on share volume of 124,117. Salesforce.com (CRM - Get Report), which reports its second-quarter results after market close, was down 0.22% to $148.22. -- Written by James Rogers in New York. Follow @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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