Hewlett-Packard Walloped by Charge Relating to Fraud

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IBM172.22-1.12

Hewlett-Packard reported quarterly earnings that beat expectations on Tuesday, but only after excluding a huge accounting charge relating to allegations of fraud tied to the acquisition of its Autonomy software unit.

The company said alleged accounting "improprieties" at the acquired company led to a one-time accounting charge of $8.8 billion.

After the earnings announcement, the company's shares (HPQ) fell in pre-market trading. (Click here to get the latest quotes for Hewlett-Packard.)

The company posted fiscal fourth-quarter earnings excluding items of $1.16 per share, down from $1.17 a share in the year-earlier period.

Revenue decreased to $29.96 billion from $32.12 billion a year ago.

Analysts had expected the company to report earnings excluding items of $1.14 a share on $30.43 billion in revenue, according to a consensus estimate from Thomson Reuters.

Hewlett-Packard said it now sees full-year guidance at $3.40 to $3.60 a share.



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