HP says 1Q earnings down 44 pct, beats Street

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PALO ALTO, Calif. (AP) ? Hewlett-Packard says its net income fell 44 percent in the most recent quarter as revenue dipped in the midst of an attempted turnaround under new leadership.

Net income was $1.47 billion, or 73 cents per share, in the three months that ended Jan. 31. A year earlier, it was $2.6 billion, or $1.17 a share. Adjusted for one-time items, the company earned 92 cents per share, which is above the 87 cents expected by analysts surveyed by FactSet.

Revenue fell 7 percent to $30 billion, slightly below expectations of $30.7 billion.

HP’s fiscal first quarter was its first full period under CEO Meg Whitman, who replaced Leo Apotheker in September.