HP Rises as Profit Tops Estimates; 27,000 Jobs to Be Cut

Hewlett-Packard Co. rose the most in eight months after the world’s largest personal-computer maker announced plans to slice its workforce by 27,000 and reported quarterly sales and profit that topped estimates, buoying optimism for a turnaround.

Profit before some costs in the second quarter, which ended April 30, was 98 cents a share, the company said in a statement yesterday. That compared with analysts’ 91-cent average estimate, according to data compiled by Bloomberg. Sales were $30.7 billion, beating the average projection of $29.9 billion. The shares jumped as much as 12 percent in extended trading.