US technology giant Hewlett-Packard posted a jump of 14 per cent in earnings fro the quarter to October 31, helped by the cost-cutting measures.

HP pocketed $2.4 billion during the quarter as compared with $2.1 billion in the period of last year. Earning stood at 99 cents a share, up from 84 cents a share in the previous year period.

However, company’s revenue plunged 8.4 per cent to settle at $30.8 billion during the same period.

HP said its PC shipments jumped 8 per cent, but revenue from the PC division slipped 12 per cent.

Electronic Data Systems, which the company acquired last year, posted better results. HP has plans to axe as many as 24,600 jobs as part of that acquisition.

Speaking on the topic, Mark Hurd, chief executive of HP, said, “We feel as good about our portfolio and our market position as we ever have.”

HP is expecting revenue of $118-119 billion for the 2010 fiscal year.

Shares in HP slipped 32 cents to $50.70 in the recent extended trading.