“In a clear indication of the global spending slowdown, Hewlett-Packard saw its first-quarter profit plummet 13%, and the tech bellwether’s revenues came in well below the Street’s estimate,” James Rogers reports for TheStreet.com.
“Revenue at the Palo Alto, Calif.-based company was $28.8 billion, up slightly from $28.5 billion for the same quarter of last year, but more than $3 billion below analysts’ estimate of $31.93 billion,” Rogers reports.
HP “reported first-quarter profit of $1.9 billion, down from $2.1 billion in the year-ago quarter. The company’s earnings slipped to 75 cents a share from 80 cents a share over the same period,” Rogers reports. “The computer manufacturer’s operating profit was $2.5 billion, down from $2.6 billion in the year-ago quarter.”
Rogers reports, “For the second quarter, H-P expects revenue to decline between 2% and 3% from $28.3 billion in the prior year’s quarter, well below analysts’ estimate of $30.95 billion. Excluding charges, the company forecasts earnings between 84 cents a share and 86 cents a share, although these exclude after-tax costs of approximately 14 cents a share. Analysts had estimated earnings of 89 cents a share.”
Full article here.