Blog Recap: HP's Transformation

PALO ALTO, Calif. ( TheStreet) -- It's been a busy day for HP ( HPQ), which on top of pre-announcing a slim earnings beat shortly before market close, also said it would spin off its well-known PC business amid weak consumer demand.

The company beat profit expectations by a penny, reporting adjusted earnings per share of $1.10 cents on sales of $31.2 billion for its fiscal third quarter. Analysts were expecting adjusted EPS of $1.09 on sales of $31.17 billion.

HP also confirmed that it would ditch its webOS mobile device hardware, although it will keep the webOS software it bought through its Palm acquistion last year. That effectively takes HP out of the tablet and smartphone markets, although in a prepared statement, the tech giant said it will continue to "explore options" to optimize the value of webOS software going forward.

Click above to via a recap of TheStreet's HP earnings blog.

Shares of HP, following the broader market drop, dipped about 6% to close at $29.51; they were falling $2.84, or 9.62%, in the after-hours session.

--Blog written by James Rogers and Scott Moritz in New York.

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