News Summary: HP takes small strides in fiscal 1Q

News Summary: HP's 1st-quarter deterioration turns out to be less severe than Wall St. feared

Associated Press

EARNINGS DOWN, STOCK UP: Hewlett-Packard's latest quarterly results fell from last year, but the deterioration wasn't quite as bad as management and analysts had feared. Investors interpreted Thursday's news as a sign that HP's turnaround strategy is starting to pay off. The company's stock rose 5 percent in extended trading.

RECURRING HEADACHE: As has been the case for the past year, Hewlett-Packard Co.'s personal computer division remained the biggest drag on the company's performance. PC sales have been falling as more spending shifts to smartphones and tablet computers.

STAYING THE COURSE: HP CEO Meg Whitman reiterated the company has no plans to spin off or sell its PC operations.

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