HP sales inch up while profit drops

(MENAFN- AFP) Hewlett-Packard on Wednesday reported that its quarterly revenue was nudged up by improved computer sales, but its profit dropped as the veteran technology firm tried to renew its momentum.

HP said that profit in the recently ended quarter was $985 million compared to $1.39 billion in the same period a year earlier. Meanwhile, revenue rose about one percent to $27.6 billion.

"Overall, I'm very pleased with the progress we've made," HP chief executive Meg Whitman said in the earnings release.

"When I look at the way the business is performing, the pipeline of innovation and the daily feedback that I receive from our customers and partners, my confidence in the turnaround grows stronger."

HP shares slipped a percent to $34.77 in after-market trading that followed release of the earnings figures.