HP Plunges on Early Release

Updated from 3:38 p.m. ET to include details from full release.

NEW YORK (TheStreet) HP (HPQ) shares plunged after the Silicon Valley tech giant posted fiscal second-quarter results that were worse than expected, as revenue missed expectations.

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.

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The Palo Alto, Calif.-based HP noted that revenue from Personal Systems was up 7% year over year, but Printing revenue fell 4% during the same time. Enterprise Group revenue was down 2% year over year, while Enterprise Services revenue fell 7% during the same time. Software revenue was flat, while HP Financial Services revenue was down 2% year over year, according to the release.

"With the first half of our fiscal year completed, I'm pleased to report that HP's turnaround remains on track," said Meg Whitman, HP's president and CEO, said in the release. "With each passing quarter, HP is improving its systems, structures and core go-to-market capabilities. We're gradually shaping HP into a more nimble, lower-cost, more customer- and partner-centric company that can successfully compete across a rapidly changing IT landscape."

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.

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