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17.05.2006 Business & Finance

Hewlett-Packard's Q2 Profit Surges

By (AP)
Hewlett-Packard's Q2 Profit Surges

Excluding $97 million in amortization and other one-time expenses, HP earned $1.6 billion, or 54 cents per share. The firm beat Wall Street's expectations. Analysts were expecting the company to earn 49 cents a share on sales of $22.6 billion, according to a Thomson Financial survey.

Hewlett-Packard's (NYSE: HPQ) fiscal second-quarter profit rose 51 percent Tuesday as the printer and computer company benefited from cost cutting, stronger PC demand and a 5 percent jump in revenue.

For the three months ended April 30, HP earned US$1.46 billion, or 51 cents a share, compared with $966 million, or 33 cents per share, in the same quarter last year. Sales rose to $22.6 billion from $21.6 billion in the second quarter of last year.

Excluding $97 million in amortization and other one-time expenses, HP earned $1.6 billion, or 54 cents per share.

On that basis, which does not comply with generally accepted accounting principles, HP beat Wall Street's expectations. Analysts were expecting the company to earn 49 cents a share on sales of $22.6 billion, according to a Thomson Financial survey.

HP shares rose 5 percent on the news. Earlier, they lost 52 cents to close at $31.11 on the New York Stock Exchange.

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