Hewlett-Packard reports higher 3Q earnings

NEW YORK (AP) — Hewlett-Packard Co. reported an increase in its third-quarter net income on today, but the technology company gave a lower-than-expected outlook for the current quarter and cut its outlook for the year for the second time.

While its commercial businesses remained healthy, HP said quarterly revenue in its customer-facing businesses fell 15 percent.

The results were overshadowed by HP's announcement that it plans to spin off its PC business and stop selling its webOS tablet and mobile phones. The world's largest maker of printers and personal computers has been working to transform itself into more of a technology services company, like its rival IBM.

HP's stock fell $1.88, or 6 percent, to close at $29.51. It fell another $2.66, or 9 percent, to $26.85 in extended trading. HP's announced its decision on the mobile products and its quarterly results about an hour before the market closed today.