{"id":277454,"date":"2011-02-23T12:14:24","date_gmt":"2011-02-23T12:14:24","guid":{"rendered":"http:\/\/www.ghanamma.net\/2011\/02\/23\/hewlett-packard-comes-up-short\/"},"modified":"2011-02-23T12:14:24","modified_gmt":"2011-02-23T12:14:24","slug":"hewlett-packard-comes-up-short","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2011\/02\/23\/hewlett-packard-comes-up-short\/","title":{"rendered":"Hewlett-Packard comes up short"},"content":{"rendered":"

\"chart_ws_stock_hewlettpackardco.top.png\"
\nBy David Goldman<\/a>, staff writer<\/span>February 22, 2011: 5:57 PM ET<\/span>
<\/p>\n

NEW YORK (CNNMoney) — Hewlett-Packard disappointed investors on Tuesday with an outlook and sales that badly missed Wall Street’s expectations.<\/p>\n

As a result, shares of HP (HPQ<\/a>, Fortune 500<\/a>) fell 12% after hours.<\/p>\n

<\/p>\n

The news served as a shot across the bow to investors who had been buying into HP as a likely turnaround story. Following CEO Mark Hurd’s exit last summer, HP’s stock became one of the biggest losers of 2010, falling 18%. But shares climbed back up 14% this year, prior to Tuesday afternoon’s announcement.<\/p>\n

HP will unveil its new strategy at a March 14 press event in San Francisco, HP CEO Leo Apotheker said Tuesday on a conference call with analysts. Apotheker said he will focus on detailing how the company can “leverage its strengths in the cloud” for both corporate customers and consumers.<\/p>\n

“We have areas that we need to improve in through growth and operational excellence,” he said.<\/p>\n

HP announced last month that four of its board members would step down<\/a> at the end of their terms, and the company would bring in five new directors<\/a>.<\/p>\n

Despite the looming strategy announcement, soaring profits, a buzz-worthy new tablet<\/a> and new cloud ventures, investors instead focused their attention on sales and guidance that fell short of forecasts.<\/p>\n

The company said sales for the fiscal first quarter, ended Jan. 31, rose 4% to $32.3 billion, missing analysts’ forecasts of $33 billion.<\/p>\n

HP said it expects to bring in $31.4 billion to $31.6 billion in revenue during the current quarter, and anticipates earnings per share in the range of $1.19 to $1.21, excluding one-time charges.<\/p>\n

That outlook came in well under Wall Street’s expectations of $32.6 billion in sales and a profit of $1.25 per share.<\/p>\n

But it wasn’t all bad news. Net income for the first quarter rose to $2.6 billion. That’s up 16% from a year earlier. <\/p>\n

Results included one-time charges of 19 cents per share. Without the charges, HP said it earned $1.36 per share. Analysts polled by Thomson Reuters, who typically exclude one-time items from their estimates, had forecast earnings of $1.29 per share.<\/p>\n

Personal computer sales to businesses rose 11%, but PC sales to consumers dropped 12% in the quarter. Services also declined, posting a 2% sales drop. That unit has been in a perpetual slump since HP paid $14 billion for EDS in May 2008. <\/p>\n

But HP’s servers, storage and networking unit showed strength, with sales rising 22%. Printer sales rose 7%.<\/p>\n

Last week, rival Dell (DELL<\/a>, Fortune 500<\/a>) reported that its profit more than doubled<\/a> in the prior quarter on strong corporate demand and improved gross margins.\u00a0\"To<\/a><\/p>\n


\n<\/p>\n

First Published: February 22, 2011: 4:19 PM ET<\/p>\n

<\/div>\n<\/p>\n

<\/p>\n

Read the rest here:
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