Hewlett-Packard Co.'s (HPQ) fiscal third-quarter earnings fell 29 percent as the personal computer and printer maker absorbed the costs of employee layoffs and past acquisitions.

The results announced Wednesday also included a slight revenue gain from the previous year.

HP earned $985 million, or 52 cents per share, for the three months ended in July. That compared to income of $1.4 billion, or 71 cents per share, at the same time last year.

If not for one-time charges, the Palo Alto, California-based company said it would have earned 89 cents per share. That figure matched the average estimate among analysts surveyed by Zacks Investment Research.

HP revenue of $27.6 billion in the period, up from 1 percent at the same time last year and also topping the average analyst projection of $27 billion, according to Zacks.

For the current quarter ending in October, HP predicted its adjusted earnings will range from $1.03 to $1.07 per share.

HP shares have risen 26 percent since the beginning of the year, while the Standard & Poor's 500 index has increased 7.5 percent. At the close of trading on Wednesday, the shares stood at $35.12, an increase of 36 percent in the last 12 months. The stock shed 18 cents in extended trading after the third-quarter numbers came out.

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Keywords:HP,Earnings Report