HP raises third-quarter profit forecast, takes $8 billion charge

Hewlett Packard Co (HPQ.N) raised its third-quarter earnings forecast on Wednesday and said it was writing down the value of its services business by $8 billion.

The world's No. 1 personal computer maker also said more employees than expected were taking early retirement and it was implementing a workforce reduction program faster than expected. Because of this, it raised its estimate of a pre-tax restructuring charge to as much as $1.7 billion.

HP said it now expects third-quarter earnings, excluding one-time items, of about $1.00 per share, compared with analysts' average estimate of 97 cents, according to Thomson Reuters I/B/E/S.

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- Posted: 2012-08-08 16:13:41

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