HP profits fall but shares lifted

Hewlett-Packard’s profits fell by 32 per cent in the first three months of 2013, owing to a sharp decline in sales of PCs. However, the company’s shares rose more than 13 per cent in after-hours trading following the announcement, as the company showed signs of a turnaround plan paying off. The US firm’s results beat expectations as it revealed that margins were better than expected due to refusals to cut costs.