UPDATE: SAIC Posts Drop In FQ2 Profit

SAIC (NYSE: SAI) reported a drop in its fiscal second-quarter profit and announced its plans to split the company into two publicly traded companies.

SAIC's quarterly earnings declined to $110 million, or $0.32 per share, versus $178 million, or $0.50 per share, in the year-ago period.

Its revenue surged to $2.85 billion from $2.6 billion.

SAIC shares jumped 10.08% to $13.00 in the after-hours trading session.

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