HP reports revenue below Street estimates

Hewlett-Packard Co. (HPQ-N) reported lower-than-expected revenue on Tuesday, hurt by weak sales of consumer personal computers.

The world's largest technology company by revenue reported net income of $2.6 billion US, or $1.17 a share, for the fiscal first quarter ended Jan. 31, up from $2.5 billion, or $1.10 a share, in the year-ago period.
   
Excluding items, HP earned $1.36 a share, above the average analyst estimate of $1.29 a share according to Thomson Reuters I/B/E/S.
   
Revenue rose 4 percent to $32.3 billion, but fell short of Wall Street's average estimate of $32.96 billion.
   
The company raised its forecast for fiscal 2011 non-GAAP earnings, predicting a profit of $5.20 to $5.28 a share. But it trimmed its revenue outlook to a range of $130 billion to $131.5 billion, from a previous $132 billion to $133.5 billion.