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HP Revamps Earnings Outlook

Hewlett-Packard Co., citing declining economic conditions and a slowing in corporate and consumer IT spending in recent weeks, announced yesterday that it no longer expects to meet previous first quarter guidance. The company now expects to achieve earnings per share in the range of 35 to 40 cents for its first fiscal quarter ending January 31.

Carly Fiorina, chairman, president, and CEO of HP, said, “It’s clear there’s been a significant change in market conditions in recent weeks. Consumer spending in the U.S. has been below even our own conservative estimates and our enterprise customers – responding to the growing economic uncertainty – have become increasingly cautious about IT spending.”

Fiorina cited HP’s gross margin guidance at the “low end of the 27.5 to 28.5 percent range”, but said that HP is “not counting on improvement during the first half of our fiscal year ending April 30.” – Isaac Slepner

About the Author

Scott Bekker is editor in chief of Redmond Channel Partner magazine.

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