Hewlett-Packard turns 3Q profit but revenue falls

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Associated Press

Posted on August 21, 2013 at 3:01 PM

Updated Wednesday, Aug 21 at 3:02 PM

NEW YORK (AP) — Hewlett-Packard made a profit in the latest quarter, reversing a huge loss a year ago that stemmed from an $8 billion charge.

Hewlett-Packard Co. said Wednesday that it earned $1.39 billion, or 29 cents per share, in the fiscal third quarter that ended July 31. That's up from a loss of $8.86 billion, or $4.49 per share, a year ago.

Revenue fell 8 percent to $27.2 billion from $29.7 billion.

Excluding one-time items, HP earned 86 cents per share.

Analysts expected earnings of 87 cents per share on revenue of $27.3 billion, according to FactSet.

HP also reassigned its chief operating officer, Bill Veghte. He will now be executive vice president and general manager of the HP Enterprise Group. The company didn't name a replacement.

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