Chinese chip stocks jump as Beijing reportedly warns against Nvidia’s H20
The share price of computer company Hewlett-Packard Company, (HPQ) shot up in after-hours trading last night.
Its stocks rose in value by as much as seven per cent despite the firm revealing that its fourth-quarter revenue fell three per cent to $29.1 billion (£18 billion).
Although the results were down on the previous data released by the company, they still beat the expectations of analysts.
Chief executive Meg Whitman said: "Through improved execution, strong cost management, and with the support of our customers and partners, HP ended fiscal 2013 on a high note."
In a statement, the chief executive added that HP's turnaround plan remains on track. Ms Whitman took over the role in 2011.
Tens of thousands of members of staff have lost their jobs at HP in the last few months as the company seeks to reduce its spending.
After falling away a little, HP shares were still 5.42 per cent up in after-hours trading.
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