The No. 1 PC maker reported first-quarter revenue of $28.4 billion, down from $30 billion a year earlier but above Wall Street's forecast of $27.79 billion. Excluding items, HP earned 82 cents a share, down from 92 cents but well above the consensus estimate of 71 cents. Earnings also surpassed HP's forecast of 68 cents to 71 cents a share.
For the second quarter, HP expects earnings, excluding items, of 80 cents to 82 cents a share. Analysts surveyed by Thomson Reuters were looking for earnings of 77 cents. The Palo Alto, Calif.-based firm predicts full-year earnings of $3.40 to $3.60 a share, well above Wall Street's estimate of $3.32.
Investors welcomed the numbers, which were released after market close on Thursday. HP shares were up 4.04% to $17.79 before market open.Marvell (MRVL - Get Report) was another gainer, rising 5.6% to $10 after it reported strong fourth-quarter results and offered robust guidance. Excluding items, Marvell reported quarterly earnings of 19 cents a share on revenue of $775 million late on Thursday, easily surpassing Wall Street's forecast of 13 cents a share and $720.9 million. For the second quarter, the semiconductor specialist expects earnings between 12 cents and 16 cents a share and sales between $700 million and $740 million. Analysts had projected earnings of 13 cents a share and revenue of $707.8 million. Zynga (ZNGA - Get Report) was another gainer, rising 2.7% to $3.04, while Sirius XM (SIRI - Get Report) gained 0.65% to $3.09. BlackBerry (BBRY - Get Report) shares, however, dipped 0.14% to $13.86. --Written by James Rogers in New York. Follow @jamesjrogers >To submit a news tip, send an email to: firstname.lastname@example.org.