Hewlett-Packard (NYSE:HPQ) announced that it lost $8.9 billion, or $4.49 per share, versus a profit of $1.93 billion, or 93 cents per share in the same period last year. Revenue was $29.7 billion versus $31.2 billion in the same period last year. The results include a one time $10.8 billion, or $5.49 per share charge related to one time changes. Analysts had expected adjusted profit of 98 cents per share on revenue of $30.2 billion.
Earlier this week, rival Dell (NASDAQ:DELL) also announced weak earnings, with both companies reporting weak demand in PC sales. Volume may pick up in the fourth quarter, as many consumer are likely waiting to purchase new PCs when Microsoft (NASDAQ:MSFT) announces the newest version of its Windows operating system.
Shares of Hewlett-Packard are lower in early trading.
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