Hewlett-Packard, the world's number two PC maker, reported better-than-expected earnings and sales for the latest quarter overnight. The company reaffirmed sales and earnings estimates for the second half of its fiscal year.
HP, which merged with Compaq a year ago, earned $659 in the quarter, more than double the $252m it reported before the merger was completed last year.
Excluding one-time charges for restructuring and amortisation of assets related to the merger, the company said it earned 29 cents a share, two cents above analysts' estimates.
Sales fell to $18 billion from $18.2 billion a year ago, including Compaq, but came in better than average forecasts of $17.7 billion.
However, HP chairman and chief executive Carly Fiorina said the company did not see any near-term catalysts for improving demand in information technology IT spending, echoing statements made by Dell when it reported first-quarter results last week.
Chief financial officer Bob Wayman said that HP expected to lay off 3,500 more workers by the end of its fiscal year in October. HP cut 2,300 jobs in its second quarter and finished with 141,000 employees, down from 153,000 a year ago.
HP employs 4,000 people in Ireland.
