HP revises quarterly results upward

Company's revision is due to a settlement it reached with the IRS over a multiple-year audit.

Tech Industry
Hewlett-Packard revised on Tuesday its reported quarterly results upward due to a settlement it reached with U.S. tax authorities over a multiyear audit.

The settlement with the Internal Revenue Service, signed on June 1, raised fiscal second-quarter profit by about $443 million, or 15 cents per share, to a total of $1.9 billion, or 66 cents per share.

The company, which had reported quarterly results on May 16, said it was required to adjust the prior figures because its agreement was signed with the IRS before it had filed its quarterly financial statements with securities regulators.

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