HP Rises as Profit, Job Cuts Buoy Optimism for Turnaround – San Francisco Chronicle

May 24 (Bloomberg) — Hewlett-Packard Co. rose the most in eight months after the world’s largest personal-computer maker announced plans to slice its workforce by 27,000 and reported quarterly sales and profit that topped estimates, buoying optimism for a turnaround. Profit before some costs in the second quarter, which ended April 30, was 98 cents a share, the company said in a statement yesterday. That compared with analysts’ 91-cent average estimate, according to data compiled by Bloomberg. Sales were $30.7 billion, beating the average projection of $29.9 billion. The shares jumped as much as 12 percent in extended trading. Read more: http://www.sfgate.com/cgi-bin/article.cgi?f=/g/a/2012/05/24/bloomberg_articlesM4GDVB0YHQ0X01-M4J4Q.DTL#ixzz1x0cCenq4

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HP Rises as Profit, Job Cuts Buoy Optimism for Turnaround – San Francisco Chronicle