Hewlett-Packard Profits Tumble 13%

Hewlett-Packard Co. on Friday matched its own diminished expectations by reporting its quarterly profit was dragged down 13 percent by computer price-cutting wars and Asia’s economic weakness.

The big maker of computers, printers and high-tech accessories warned two days ago of the lower results and became the latest technology company to report disappointing profits.

Hewlett-Packard said it earned $685 million, or 65 cents a share on a diluted basis, for the three months ended April 30, its second fiscal quarter. It earned $784 million, or 75 cents a share, a year ago.

Revenue rose 16 percent to $12 billion from $10.3 billion.

“While some of the factors are not unique to H-P, we clearly need to improve our ability to translate our leadership position in many markets into equally strong results,” Hewlett-Packard Chairman Lewis E. Platt said.

Analysts previously had expected H-P to earn 77 cents a share.