HP Revenue Falls on Weak PC Sales, Lower Demand for Services

Hewlett-Packard Co (NYSE:HPQ) reported a fall in revenue for the fourth straight quarter, hurt by weak PC sales and lower demand from corporate customers for its services.

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Shares of the company, which also forecast full-year adjusted profit largely below analysts' average estimate, were down 2 percent in extended trading on Thursday.

Revenue at HP's personal computer and printer businesses, its largest, fell 11.5% in the quarter ended July 31.

Revenue at the enterprise services unit dropped 11%, while revenue from the enterprise group rose 2%.

The world's No. 2 PC maker's net income fell to $854 million, or 47 cents per share, in the third-quarter, from $985 million, or 52 cents per share, a year earlier.

Excluding items, the company earned 88 cents per share.

Revenue fell 8.1% to $25.35 billion.

HP is in the process of splitting into two listed companies, separating its computer and printer businesses from its faster-growing corporate hardware and service operations.

Analysts on average had expected a profit of 85 cents per share and revenue of $25.44 billion, according to Thomson Reuters I/B/E/S.

(Reporting by Abhirup Roy in Bengaluru; Editing by Saumyadeb Chakrabarty)

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