Hewlett-Packard made a profit in the latest quarter, reversing a huge loss a year ago that stemmed from an $8 billion charge.
But the technology bellwether's revenue declined amid an ongoing weakness in the PC market.
Hewlett-Packard said last night that it earned $1.39 billion, or 29 cents per share, in the fiscal third quarter that ended July 31. That compares to a loss of $8.86 billion, or $4.49 per share, a year ago.
Then the results had included a charge to reflect the shrinking value of Electronic Data Systems, a technology consulting service HP bought for $13 billion in 2008. Revenue fell 8% to $27.2 billion from $29.7 billion.
Excluding one-time items, HP earned 86 cents per share in the latest quarter. Analysts expected earnings of 87 cents per share on revenue of $27.3 billion.
For the full year, HP said it expects adjusted earnings of $3.53 to $3.57 per share, roughly in line with the $3.56 per share analysts are expecting.
HP also said last night that it has reassigned its chief operating officer, Bill Veghte. He will now be executive vice president and general manager of the HP Enterprise Group. The company did not name a replacement.
Dave Donatelli, the group's previous head, will "take on a new role focused on identifying early-stage technologies," HP said.
