HP Survives October With Cuts, Will Come Back For More (HPQ)

Hewlett Packard’s (HPQ) fiscal fourth quarter ended with October — a historically bad month for the economy. But as it previously said it would, the company beat analyst expectations reporting its results yesterday.

Analysts credit CEO Mark Hurd, who’s found a way to cut 24,000 jobs since HP acquired tech-services provider EDS for $13.25 billion. Yesterday, Hurd told analysts to expect more.

“Our intention is to get through this period without losing any muscle in the organisation,” Hurd said on a call.

Revenue grew 19% y/y on the strength of the EDS buy, 5% without it. Reports the Journal:

H-P’s net income for the quarter was $2.11 billion, or 84 cents a share, down from $2.16 billion, or 81 cents a share, a year earlier. Excluding restructuring charges, acquisition-related charges and other items, the company earned $1.03 a share — better than the $1.01 that analysts, on average, had expected, according to Thomson Reuters.

See Also:
HP’s Q4, Guidance Mostly Ahead Of Expectations (HPQ)

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