HP Ready To Spin Out Its PC Business

HP jon rubinstein todd bradley

[credit provider=”AP”]

HP is preparing to spin out its PC business, Bloomberg reports.It also said to be weighing a $10 billion takeover of enterprise software company Autonomy.

The spin out will be announced today, according to the Bloomberg report. HP reports earnings tonight, so it would make sense to hear a big announcement.

For the second quarter of this year, the Personal Systems division, which is home to the PC business, had operating income of $533 million on net revenue of $9.4 billion.

Back in March rumours were floating that the company might sell off its PC business. At the time, the speculation was that HP would focus entirely on being a software company.

HP declined to comment on this story to us. Guess we’ll have to wait until 4 PM eastern when the earnings hit.

HP’s stock jumped ~14% in reaction to the news.