Hewlett-Packard (HPQ) Jumps Following Beat and Raise Quarter

Shares of Hewlett-Packard (NYSE: HPQ) are over 5% higher in after-hours action Tuesday following a strong Q1 report and guidance.

Hewlett-Packard reported Q1 EPS of $0.86, 5 cents better than the analyst estimate of $0.81. Revenues for the quarter were $28.5 billion, versus the consensus of $27.60 billion.

Hewlett-Packard raised their guidance again, reflecting their confidence in anticipated cost reductions and share gains in key markets.

Hewlett-Packard sees Q2 EPS of $0.83-$0.84, versus the consensus of $0.82. Hewlett-Packard sees Q2 revenues of $27.7-$27.9 billion, versus the consensus of $27.4 billion.

Hewlett-Packard sees FY08 EPS of $3.50-$3.54, versus the Street estimate of $3.36. Hewlett-Packard sees FY08 revenues of $113.5 billion to $114.0 billion, versus the consensus of $111.7 billion.

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