Shares of Hewlett-Packard (HPQ) rose up to 7% in after-hours trading on Thursday. The technology company reported a decent set of first quarter results for 2013 after the market close.
First Quarter Results
Hewlett-Packard reported first quarter revenues of $28.4 billion, down 6% on the year. In constant currencies revenues would have fallen by 4%. Revenues comfortably beat analysts consensus estimates of $27.8 billion.
The company's operating margins compressed by 60 basis points to 6.2%, resulting in GAAP earnings of $1.2 billion, or $0.63 per share. While GAAP earnings fell by 14%, they comfortably beat HP's own guidance of $0.34-$0.37 per share.
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