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HP's 3Q Earnings Miss Wall Street Expectations

Computer and printer giant Hewlett Packard Co. reported a 9 percent jump in third-quarter revenue Thursday, but the results fell short of expectations in part because of what the company termed "unacceptable execution" by its server and storage business. HP also said its current quarter would fall below expectations.

The company said other divisions--including personal computers, software, services and printers--performed well, but those results were eclipsed by "management missteps" in the enterprise business.

"These solid results were overshadowed by unacceptable performance in enterprise systems and storage," said Carly Fiorina, HP's chief executive. "Here, execution issues cost us, and we are therefore making immediate management changes."

She did not immediately outline the personnel moves.

For the three months ended July 31, HP earned $586 million, or 19 cents per share. That's nearly double the $297 million, or 10 cents per share, in the same period last year. Excluding items, the said it earned 24 cents per share compared with 23 cents per share a year earlier.

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