HP quarterly profit dips 19 percent

From CNET News.com: With revenue down across almost all of its businesses, Hewlett-Packard posted a 19 percent drop in profit for the third quarter of 2009.

For the quarter ended July 31, HP recorded earnings of $1.6 billion, down from $2 billion the same quarter a year ago, and earnings per share of 67 cents. A year ago the company earned 80 cents per share. Excluding $568 million in one-time items related to restructuring and acquisitions, HP earned $2.2 billion or 91 cents per share.

Analysts had been expecting earnings between 82 cents and 92 cents per share, and revenue between $26.8 billion and $27.7 billion.

HP's sales for the quarter were in line with expectation at $27.5 billion, but still saw a 2 percent decline in the last year. Revenue dipped, however, in its computer, storage, financial services, software, and printing businesses. The one bright spot was its services division, whose 93 percent increase in revenue to $8.5 billion is due mostly to the company's acquisition of EDS last year. But in total, it was the third straight quarter of falling profit for HP.

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