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HP's bleak outlook as profit falls
Source: Agencies |
November 23, 2011, Wednesday
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Print Edition
Print Edition
HEWLETT-PACKARD Co was hurt in the latest quarter by declines in several of its key businesses and heavy restructuring charges, a sign of the challenges confronting new CEO Meg Whitman.
Net income fell 91 percent to US$239 million, or 12 US cents per share, in the quarter ending on October 31. That's down from US$2.54 billion, or US$1.10 per share, in the same period a year ago. Excluding items, HP earned US$1.17 per share. Analysts polled by FactSet expected US$1.13.
Revenue fell 3 percent to US$32.12 billion. Analysts expected US$32.05 billion.
Wall Street believes HP's outlook leaves something to be desired. Whitman faces a real test as she attempts to pull together a conglomerate beset by growing pains and managerial strife. She is HP's third CEO in a year and a half.
HP is the world's largest information technology company by revenue.
Net income fell 91 percent to US$239 million, or 12 US cents per share, in the quarter ending on October 31. That's down from US$2.54 billion, or US$1.10 per share, in the same period a year ago. Excluding items, HP earned US$1.17 per share. Analysts polled by FactSet expected US$1.13.
Revenue fell 3 percent to US$32.12 billion. Analysts expected US$32.05 billion.
Wall Street believes HP's outlook leaves something to be desired. Whitman faces a real test as she attempts to pull together a conglomerate beset by growing pains and managerial strife. She is HP's third CEO in a year and a half.
HP is the world's largest information technology company by revenue.
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