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Final Earnings at the Old Hewlett-Packard Fall Short of Wall St. Expectations

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Meg Whitman, center, chief executive of the old HP who now runs Hewlett Packard Enterprise, at the New York Stock Exchange this month. Credit Andrew Burton/Getty Images North America

SAN FRANCISCO — Hewlett-Packard ended its life as one public company with a whimper.

HP, considered the grandfather of Silicon Valley, began November as two separate entities. One, called HP Inc., sells primarily personal computers and printers. The other, HPE, sells computer hardware, software and services that are used by large companies.

Meg Whitman, who was chief executive of the old HP and now runs HPE, split the entity in the hope of increasing efficiency and growth. After months of planning, the two companies began operating separate financial reporting systems in August, although they were legally one company until Oct. 30.

“Hewlett Packard Enterprise is off to a very strong start,” Ms. Whitman said in a statement accompanying HPE’s earnings. “We believe momentum will accelerate.”

For the quarter that ended Oct. 30, Hewlett-Packard had net earnings of $ 1.32 billion, or 73 cents a share. Revenue was $ 25.7 billion, down 9 percent from a year earlier.

The earnings were below Wall Street’s expectations, which used nonstandard accounting popular in analyzing tech companies. By the nonstandard formula, HP earned 93 cents a share. Analysts had expected HP to make 96 cents a share, on revenue of $ 26.4 billion, according to a survey by FactSet.

Shares of HP Inc. were down 5 percent in early after-hours trading Tuesday, while HPE shares were little changed.

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