Updated from 3:38 p.m. ET to include details from full release.
HP earned 88 cents a share on $27.3 billion in revenue. For the second-quarter, analysts surveyed by Thomson Reuters expected HP to earn 88 cents a share on $27.42 billion in sales.
In May 2012, the company had adopted a multi-year restructuring plan to cut 34,000 jobs to re-engineer the workforce. The company increased the size of its workforce reduction on Thursday, saying that it plans to cut an additional 11,000 to 16,000 jobs. For the fiscal 2014 third quarter, HP estimates non-GAAP earnings to be between 86 cents and 90 cents a share. For fiscal 2014, HP said it believes non-GAAP earnings will be between $3.63 and $3.75 a share. The company will take a 95 cent a share GAAP charge "related primarily to the amortization of intangible assets and restructuring charges." The company noted in the release that cash flow from operations was $3 billion, and returned $1.1 billion to shareholders in the forms of dividends and buybacks during the second quarter. Net cash improved by $1 billion, the ninth consecutive quarterly improvement of approximately $1 billion or more. Shares of HP were sharply lower after the early release, falling 2.3% to close at $31.78, after having traded as high as $33.36 earlier in the session. --Written by Chris Ciaccia in New York >Contact by Email. Follow @Chris_Ciaccia
Check Out Our Best Services for Investors
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts