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HP net income plunges as PC, printer and server lines decline; charges eat into profit

By Jordan Robertson, The Associated Press  | November 21, 2011
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This Nov. 14, 2011 photo, shows the company logo on a Hewlett-Packard keyboard at the Micro Center computer store in Santa Clara, Calif. Hewlett-Packard releases quarterly financial results Monday, Nov. 21, 2011, after the market close. (AP Photo/Paul Sakuma)
This Nov. 14, 2011 photo, shows the company logo on a Hewlett-Packard keyboard at the Micro Center computer store in Santa Clara, Calif. Hewlett-Packard releases quarterly financial results Monday, Nov. 21, 2011, after the market close. (AP Photo/Paul Sakuma)

SAN FRANCISCO - Hewlett-Packard says its net income plunged in the latest quarter as revenue declined in three of its main business lines.

HP's personal computer unit, its printer and ink division, and its servers and networking segment each experienced declines. HP also absorbed heavy costs for shuttering its tablet and smartphone businesses.

The results illustrate the challenge HP faces as it charts a new course under new leadership.

HP earned $239 million, or 12 cents per share, versus $2.53 billion, or $1.10 cents per share, in the year-ago period. Excluding items, HP earned $1.17 per share. Analysts polled by FactSet expected $1.13.

Revenue rose 3 per cent to $32.12 billion. Analysts expected $32.05 billion.

HP shares rose 48 cents, or 1.8 per cent, to $27.95 in extended trading, after the results were reported.

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