Hewlett-Packard posts profit despite revenue slip

US computer giant Hewlett-Packard on Tuesday reported that it made a profit in its recently ended fiscal year, with cost-cutting efforts countering a slip in revenue. HP said that its profit was $5.1 billion on revenue of  $112.3 billion in the fiscal year that ended October 31, compared to a $12.7 billion loss the prior year on revenue of $120.4 billion. The California-based company posted a profit of $1.4 billion in the fourth quarter on revenue of $29.1 billion, as compared to a loss of $6.9 billion on $30 billion in revenue in the same period a year earlier. “Through improved execution, strong cost management, and with the support of our customers and partners, HP ended fiscal 2013 on a high note,” chief executive Meg Whitman said in a release. She said the results "demonstrate that HP’s turnaround remains on track heading into fiscal 2014." HP has been in focus amid a severe slump in PC sales globally, as it has failed to adapt to a shift to mobile devices. Still one of the biggest PC makers, HP has shaken up its executive leadership team as part of an effort to regain its footing on a computing landscape being transformed by the popularity of smartphones and tablets. HP shares climbed more than six percent to $26.70 in after-market trades that followed release of the earnings report.