Hewlett-Packard Co. (NYSE: HPQ) says cost cutting helped its profit jump 14 percent in the latest quarter despite an 8 percent revenue decline, according to Associated Press.
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HP got higher profits from Electronic Data Systems Corp., a technology services company HP bought for $13.9 billion last year to better compete against IBM Corp.
HP also is the world's top seller of personal computers and got help from the recovery brewing in that market.
Its results support what research firm Gartner Inc. (NYSE: IT) called Monday a "much stronger" than expected third quarter for PC sales. Gartner is now predicting that PC shipments will rise this year. The firm was predicting a decline before.
HP shares dipped 45 cents, less than 1 percent, to $50.57 in extended trading. Before the earnings report they closed at $51.02, up 2 percent.
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