Hewlett-Packard Quarterly Earnings Beat Forecasts

SAN FRANCISCO (CBS/AP) -- Slumping personal computer maker Hewlett-Packard has shown signs of progress in its latest quarter, even though its earnings dropped 16 percent.

The fiscal first-quarter results announced Thursday topped the forecast of Hewlett-Packard Co.'s own management, as well as stock market analysts.

That could raise hopes that HP's turnaround efforts are running ahead of schedule. CEO Meg Whitman has consistently said it may be several years before HP is on solid ground again.

After the results were announced, shares of HP jumped 6% in after-hours trading.

HP earned $1.2 billion, or 63 cents per share, in the three months ending in January. That compares with nearly $1.5 billion, or 73 cents per share, at the same time a year earlier.

Revenue fell 6 percent to $28.4 billion.

It's the sixth consecutive quarter that HP's revenue has dropped from the previous year.

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