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HP Beats Wall Street Projections
Under the leadership of CEO Meg Whitman, Hewlett-Packard cut costs and was able to make a turn around, translating to a share value appreciation of over five percent. This beats Wall Street forecasts and has the former Silicon Valley icon well on its way to fiscal recovery.
Whitman reiterated that HP has no intention or plan to break up the company but stated that HP "needs to reallocate resources from the core PC business to mobile and other services". The company's 2012 fiscal first quarter revenue was at US$28.4 billion, a fall of six percent because of the market shrinkage but this number was higher than the US$27.8 billion projection from Wall Street.
Overall , net income fell to just US$1.23 billion or just US$0.63 cents per share from US$1.47 billion or US$0.73 cents per share in 2011. This is because of the surging popularity of smartphones and tablets, eating up the already shrinking PC market resulting in falling revenues for the company.
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