P.M. BRIEFING : Hewlett-Packard Earnings Drop 3%
<i> From Times wire services</i>
Palo Alto-based Hewlett-Packard Co. today reported a 3% drop in third-quarter earnings, reflecting the acquisition of Apollo Computer Inc. and continuing problems in predicting demand for its product lines.
Net income for the period ending July 31 was $187 million, or 79 cents a share, down from $192 million, or 80 cents a share, for the third quarter of 1988.
The $476.4-million acquisition of Apollo Computer in May cut earnings 13 cents a share, the computer and scientific instrument maker said. Without the purchase, profits would have been 92 cents a share, 15% higher than the same period last year, Hewlett-Packard said.
