HP ( HPQ) shares slumped after the No. 1 PC maker reported disappointing third-quarter results 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. > > Bull or Bear? Vote in Our Poll 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 $1.00 a share, in line with its preannouncement earlier this month, but down from $1.10 a share a year earlier. HP also lowered its guidance. Although external factors such as macroeconomic headwinds impacted HP's results the company acknowledged that it needs to do a better job of executing against its goals. The company is still in the early stages of its turnaround, according to CEO Meg Whitman. HP shares slumped 9.9% to end the week at $17.58.
PayPal, owned by eBay ( EBAY), announced a deal with Discover Financial Services ( DFS) on Tuesday. The deal, which is seen as a shot at rival Square in the mobile payments war, brings PayPal access to the 7 million merchants across the country who take Discover, starting in the second quarter of 2013. Earlier this month, Square announced a partnership with Starbucks ( SBUX) to let customers pay with Square's app at the coffee giant's 7,000 U.S. locations. eBay shares crept up 0.5% to close at $47.10 on Friday.
Salesforce.com ( CRM) flew past Wall Street's estimates in its second-quarter results, released after market close on Thursday, although the company's shares tanked on weaker-than-expected profit guidance. Shares of the customer relationship management (CRM) specialist, one of TheStreet's top cloud stocks, ended the week up 0.9% at $148.54.
Amazon ( AMZN) sent out invitations this week to a major press event taking place in Santa Monica, Calif. on Sept. 6, fuelling speculation that the new Kindle Fire is on deck. Shares of Amazon ended the week up 1.89% at $245.74. -- Written by James Rogers in New York. Follow @jamesjrogers >To submit a news tip, send an email to: firstname.lastname@example.org. Check out our new tech blog, Tech Trends. Follow TheStreet Tech on your wireless devices