HP earnings up 14pc

Hewlett-Packard Co said a strong performance in China and improved profit margins in its services business helped drive quarterly earnings 14 percent higher.

The fiscal fourth quarter results released on Monday were in line with those the company preannounced two weeks ago, which topped Wall Street's estimates.

Shares of HP fell slightly in after-hours trading.

The No. 1 PC maker reported a net profit of $2.4 billion, or 99 cents a share, in its fourth quarter, up from $2.1 billion, or 84 cents a share, in the year-ago period.

Excluding items, HP earned $1.14 a share.

Revenue fell 8 percent to $30.8 billion.

As it forecast earlier this month, HP expects fiscal 2010 earnings excluding items of $4.25 to $4.35 a share on revenue of $118 to $119 billion.

Shares of Palo Alto, California-based HP closed at $51.02, up 1.96 percent, on the New York Stock Exchange.

- Reuters