Hewlett Packard (HP) has posted its results for Q4 of fiscal 2013 and the company's earnings beat Wall Street estimates, but revenue slipped.
On Tuesday, November 26, HP announced its financial results for the quarter ended October 31, saying it posted profits of $5.1 billion on revenue of $112.3 billion in the fiscal year 2013 when compared to a $12.7 billion loss on revenue of $120.4 billion in fiscal year 2012.
"Through improved execution, strong cost management, and with the support of our customers and partners, HP ended fiscal 2013 on a high note," said Meg Whitman, HP president and chief executive officer. "Our Q4 results demonstrate that HP's turnaround remains on track heading into fiscal 2014. While we still have much more work to do, our business units and their core assets are delivering on HP's strategy to help customers thrive by providing solutions for the New Style of IT."
For Q4 of fiscal 2013, the company delivered revenue of $29.1 billion and earnings of $1.01 per share, which beat Wall Street forecast of $27.91 billion revenue and $1 per share.
The company announced net income of $1.41 billion, or 73 cents a share, for Q4 of fiscal 2013 when compared to $6.85 billion loss, or $3.49 a share, in the Q4 of fiscal 2012.
The revenue for the quarter has declined when compared to the revenue of Q4 of fiscal 2012. Moreover, earning per share also declined by 13 percent when compared to the same period of fiscal 2012.
The company revealed that five of its six divisions reported losses and only the enterprise division achieved a profit year over year. The decline was already estimated by Whitman who joined the company in 2011. Whitman has already announced a five-year turnaround plan for the company and said she is not expecting to make profits before 2014.
The company's shares, which trade under the ticker HPQ, surged by more than 6 percent to $26.70 in after-hours trading that followed the earning call. On Wednesday morning, the shares were trading up 9.05 percent at $27.36 on the NYSE.