PC maker Compaq said last night that it posted a 55% hike in operating profit to $515 million before one-time charges in the fourth quarter, compared with a $332 million profit a year earlier.
The earnings amount to 30 cents a share, slightly above estimates that were lowered last month following a warning from the PC giant, the biggest maker of personal computers in the world.
The operating profit does not include a $1.8 billion charge against earnings, mainly from the writedown of CMGI stock acquired from its spin-off of the AltaVista Internet portal in 1999. Including the charge, Compaq's loss for the three months would be $672 million.
Revenues were $11.526 billion for the quarter, up 7% from the same period in 1999.
Shares of Compaq shup up 15% on Wall Street last night, following the release of their results.
