HP revenue falls on weak PC sales

Hewlett-Packard Co reported a drop in revenue for the fourth straight quarter, hurt by weak PC sales and lower demand from corporates for its services.

Shares of the world's No. 2 PC maker, which also forecast full-year adjusted profit largely below estimates, fell as much as 4 percent in extended trading on Thursday.

Chief Executive Meg Whitman said the factors pressuring the PC market were expected to continue through the fourth quarter and well into the next fiscal year.

The 76-year-old company, which has struggled to adapt to mobiles and online computing, is splitting into two listed companies later this year, separating its computer and printer businesses from its faster-growing corporate hardware and services operations.

HP is nearing the end of a multi-year restructuring under Whitman, who has been cutting costs and focusing on higher-margin sales. The plan includes the elimination of about 55,000 jobs.

Chief Financial Officer Cathie Lesjak said the company expects the number of job cuts to increase by up to 5 percent by the end of October.