Hewlett-Packard Company (NYSE:HPQ) released its earnings numbers for the three months ended June 30 this afternoon after the market closed. The company showed earnings per share of $0.86 in the report. Revenue in the period totaled $27.23 billion. On today’s market shares in the company trended downward and finished the day at $25.38.
In the run up to the announcement of this report analysts following Hewlett-Packard Company (NYSE:HPQ) were looking for earnings per share of 86 cents by consensus. Revenue for the company’s third financial quarter was expected to come in at $27.3 billion.
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In the same three months of 2012, the company managed to bring in earnings of $1 per share, while revenue hit $29.7 billion. Hewlett-Packard Company (NYSE:HPQ), recently surpassed as the world’s largest computer maker, but is seeing disappointing declines in business as the PC market declines and its other businesses prove less than quick on take off.
Earlier today sources revealed that two top executive at Hewlett-Packard Company (NYSE:HPQ) have been reassigned. There is sure to be some talk about the firm’s plans for the executives it moved today on the company’s earnings call. That call is expected to take place at 5 pm eastern time this afternoon.
Hewlett-Packard Company (NYSE:HPQ) needs to pick up the slack left in the PC market in new business. One of its biggest hopes has been the enterprise sector, but that plan has not played out quickly enough for investors. Shares in the firm have declined by more than 40% in the last five years, though improvements have been made in 2013.
Since the start of the year, shares in Hewlett-Packard Company (NYSE:HPQ) have risen in value by close to 80%. Despite the drop in revenue, and the resulting drop in earnings, investors seem hopeful that the firm will manage to reform itself into a leaner company more able to deal with a quickly changing technology market.
The company has sought to cut its costs and improve the quality of its laptop offerings in order to stem the losses in earnings. If the company’s strategy will actually result in a year-on-year growth in earnings is anyone’s guess, but the quick erosion of the PC market means that the squeeze is coming sooner rather than later.