HP profit beats Street on lower costs

The Hewlett-Packard (HP) logo is seen as part of a display at the Microsoft Ignite technology conference in Chicago, Illinois, May 4, 2015.

/Jim Young

Hewlett-Packard Co (HPQ.N) reported a quarterly profit above market estimates, pushing shares up 2 percent in after-market trading.Net income fell to $1.01 billion, or 55 cents per share, in the second quarter ended April 30, from $1.27 billion, or 66 cents per share a year earlier.Excluding items, the company earned 87 cents per share. Analysts on average had expected a profit of 85 cents, according to Thomson I/B/E/S. Revenue dropped to $25.45 billion from $27.31 billion. (Reporting by Abhirup Roy and Anya George Tharakan in Bengaluru; Editing by Joyjeet Das)