Hewlett-Packard Shocks the Street; Shares Jump 7%

Hewlett-Packard Shocks the Street; Shares Jump 7%

Hewlett-Packard just reported fourth-quarter results for its 2013 fiscal year. The technology giant met Wall Street's earnings estimates and exceeded revenue targets by 4%. HP shares are trading more than 7% higher in after-hours action. The stock price has more than doubled over the last year.

HP's non-GAAP earnings decreased 13% year over year to $1.01 per share, in line with analyst estimates. Net revenue decreased 3% to $29.1 billion, comfortably ahead of Wall Street's $27.9 billion target.

Earnings guidance for the next quarter was roughly in line with prevailing analyst projections, but the outlook for the 2014 fiscal year came in stronger than expected.

Hewlett-Packard CEO Meg Whitman said that "we still have much more work to do" to complete the company's five-year turnaround plan, but this quarter's results "demonstrate that HP's turnaround remains on track heading into fiscal 2014."

HP's software and enterprise services sales each saw 9% lower sales compared with the year-ago period. The only operating segment to deliver year-over-year revenue growth was the enterprise hardware group, driven by a 10% boost in server systems sales.

Hewlett-Packard's management will discuss the quarter in an analyst call at 5 p.m. Eastern time. You can listen along to that call by clicking here.

The article Hewlett-Packard Shocks the Street; Shares Jump 7% originally appeared on Fool.com.

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