NEW YORK (TheStreet) - HP (HPQ) shares surged in premarket trading on Wednesday, lifted by the PC maker's fourth-quarter revenue beat.
The Palo Alto, Calif.-based firm reported sales of $29.1 billion, down from $30 billion in the prior year's quarter, but comfortably above analysts' forecasts of $27.91 billion. Excluding items, HP earned $1.01 a share, down from $1.16 a share in the same period last year. Analysts surveyed by Thomson Reuters were looking for earnings of $1 a share.
Speaking during HP's conference call, CEO Meg Whitman said the company is making progress on its turnaround plan. "With the final quarter of our 'fix and rebuild year' now behind us, I'm pleased with our progress in 2013," she said. "In fiscal 2013, we focused on improving our operations."
HP shares climbed 6.42% to $26.70 before market open.
Over at the Nasdaq, Facebook (FB) dipped 0.17% to $45.81, but was one of the most active premarket stocks on share volume of 155,463. Apple (AAPL) shares gained 0.59% to $536.54 on share volume of 138,613, while Ericsson (ERIC) rose 0.48% to $12.46 on volume of 122,249.
Sirius XM (SIRI) was another gainer, rising 0.27% to $3.69 on share volume of 68,485.
--Written by James Rogers in New York.
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