* Compaq Computer Corp. said it earned...

* Compaq Computer Corp. said it earned $49 million in the third quarter, in contrast to a loss of $70 million a year ago.

The personal computer maker said its earnings amounted to 61 cents a share, contrasted with a loss of 82 cents a share for the 1991 third quarter.

Compaq, which embarked on a low-cost strategy, laid off employees and ousted co-founder Rod Canion after last year’s loss, said third-quarter sales climbed 50% to a record $1.07 billion from $709 million a year ago.

Third-quarter results for both years were affected by restructuring and other special charges and credits, Compaq said.