HP Q2 Profit Tops Estimate; Revenue Falls Short

(RTTNews) - Hewlett-Packard Co. (HPQ) reported net income for the second quarter of $1.0 billion or $0.55 per share, compared to $1.3 billion or $0.66 per share for the year-ago quarter.

Excluding items, adjusted net income for the second quarter was $1.6 billion or $0.87 per share, compared to $1.7 billion or $0.88 per share in the prior year quarter.

Net revenue for the second quarter fell 7% to $25.45 billion from $27.31 billion in the same quarter last year.

Analysts polled by Thomson Reuters expected the company to earn $0.86 per share on revenue of $25.63 billion for the second quarter. Analysts' estimates typically exclude special items.

Looking forward to the third quarter, the company forecasts earnings of $0.50 to $0.54 per share and adjusted earnings of $0.83 to $0.87 per share.

For the fiscal year 2015, the company continues to forecast earnings of $2.03 to $2.23 per share and adjusted earnings of $3.53 to $3.73 per share.

Analysts currently expect the company to earn $0.87 per share for the third quarter and $3.64 per share for the fiscal year 2015.