HP earnings sink, miss analyst targets

PALO ALTO, Calif. -- Hewlett-Packard (HPQ) said on Wednesday that its net income fell 44 percent in the most recent quarter, as revenue dipped amid an attempted turnaround under new leadership.

Net income was $1.47 billion, or 73 cents per share, in the three months that ended Jan. 31. A year earlier, it was $2.6 billion, or $1.17 a share. Adjusted for one-time items, the company earned 92 cents per share, which is above the 87 cents expected by analysts surveyed by FactSet.

HP's 4Q to provide snapshot of new CEO's progress

Revenue fell 7 percent to $30 billion, slightly below expectations of $30.7 billion.

HP's fiscal first quarter was its first full period under CEO Meg Whitman, who replaced Leo Apotheker in September.