(Repost from Economic Burn)
HP reported mathematically strong numbers after the close, though realistically the numbers were not at all promising. After hours HP's shares fell about 1 percent, settling around 40.40.
Clearly tech is still wobbling, with Sandisk's mere tip of the iceberg offering of up to $1.5 bil in convertibles combined with back to school sales already worrying the street; quarter 3 is going to be ticky one for the space.
HP's numbers were in line with expectation, even with the ousting of CEO Mark Hurd.
(AP Reports) HP's net income was $1.77 billion, or 75 cents per share, in the three months ended July 31, versus $1.67 billion, or 69 cents per share, a year ago. Excluding items, HP would have earned $1.08 per share. That was in line with analysts' forecasts. Revenue was $30.7 billion, up from $27.6 billion a year ago. Analysts expected $30.4 billion.