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Hewlett-Packard, hit by a downturn in the...

Hewlett-Packard, hit by a downturn in the computer industry, reported a 23% drop in fourth-quarter earnings and its first drop in full-year profits in a decade. Revenue for the quarter was flat at about $1.69 billion. For the year, Hewlett-Packard said net income declined to $489 million from the previous year’s $665 million. The 1984 results include, a one-time tax credit of $118 million. Revenue for the year was up about 8%. “We are seeing somewhat stronger domestic order levels and now believe the low point in this industry slowdown has passed,” said President and Chief Executive John A. Young. “Quarter-to-quarter improvement in U.S. orders has been modest yet steady.

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