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HP cuts outlook as PC sales drop
================================
Tech giant reports quarterly earnings that beat estimates; company
reins in full-year revenue outlook, sending shares down after hours.
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google my aol my msn my yahoo! netvibes Paste this link into emo clothing favorite RSS desktop readerSee all CNNMoney.com RSS FEEDS (close) By
David Goldman, CNNMoney.com staff writerLast Updated: May printed playing cards 2009:
6:30 PM ET
hp.mkw.gif
NEW whole life insurance (CNNMoney.com) -- Hewlett-Packard Co. cut its full-year sales
outlook Tuesday as it reported that weak PC sales contributed to a 17%
drop in quarterly profit, but the company said it saw some signs of
improvement in consumer sentiment.
Consumer sales continued to slump, as sales of desktops, notebooks and
printers fell by double-digits in the company's second quarter ended
April 30. Total net revenue fell 3% to $27.4 billion, meeting Wall
Street's forecasts.
best life insurance (HPQ, Fortune 500) said it now expects full-year revenue to fall
between 4% and 5%, worse than its previous range of 2% to 5%. That
sent its stock down almost 5% in after-hours trading.
0:00 /2:32HP stays lean and mean
"We don't think HP is less competitive," said chief executive Mark
Hurd on a conference call with analysts. "We see some encouraging
signs, and we saw some slight improvements with the U.S. consumer. auto insurance just not ready to call it better."
Hurd said he believes economic pressures will continue throughout the
rest of the year. He said PC sales will be flat to slightly higher for
the remainder of 2008 and maintained it's too soon to call a bottom in
the computer market.
Still, some analysts believe that HP may be too learn mandarin chicago in custom playing cards outlook,
since many see the signals of improvement.
"HP tends to be conservative with its guidance," said Dave Cearley, an
analyst at tech consultancy firm Gartner. "There are signs that things
are starting to bottom out, and companies are starting to loosen some
of their purse strings. IT spending is opening up."
Profit beats Street: The Palo Alto, Calif.-based company reported
second-quarter net income of $1.7 billion, or 70 cards playing custom per share.
Results included a charge of 16 cents per share related to its
purchase of tech services firm EDS, which HP acquired for $14 billion
last May. They also included a 2 cents per share charge related to a
patent dispute.
Without the charges, HP earned 88 cents per share. That beat the 86
cents per share forecast of analysts polled by Thomson Reuters, who
typically exclude one-time items from their estimates.
The company said it expects a profit of 88 cents to 90 cents a share
in the current quarter, in line with analysts' expectations.
Weak PC, printer sales. HP, the world's largest personal computer
maker, reported desktop and laptop sales slumped 13% and 24%,
respectively, during the second quarter. Still, shipments were flat,
which comes as little surprise: During the first three months of 2009,
HP's PC shipments rose 3%, although industry sales slipped 7%,
according to tech analysis firm IDC.
PC sales, of which HP maintains a 21% market share, account for more
than a third of the company's revenue.
HP makes about a quarter cheap auto insurance its revenue from its imaging division,
which sells printers and printer toner and cartridges. Consumer
printer sales were down 31%. HP raised toner prices in the past
quarter, so printer supplies sales were slightly better than printer
sales, falling 14 % emo clothes the quarter.
The company's solutions division also endured mixed results. HP's
server business took a 28% tumble in sales as businesses migrated to
cheaper solutions like off-site cloud computing. But HP also offers
many of those less expensive solutions as part of its services
business, which got a 99% sales boost last quarter to $8.5 billion.
HP's services unit jumbo playing cards the company's most profitable division in the
past quarter. Some see the company's shift towards business products
and services as a welcome change that will position promotional playing cards for greater
success in the independent style "I like HP's product mix now better than a year or two ago," said
playing cards promotional "The company was very heavily promo playing cards on consumer devices,
but it has changed to a company that is a balance between services,
software and hardware."
Cost-cutting boost. HP's cost-cutting measures, including a 5%
honda insurance salary cut implemented early in its second quarter,
helped it navigate throughout the economic storm and offset some of
the declines the company suffered in the quarter.
HP is also trimming costs by its ongoing efforts to eliminate overlap
with EDS. full color custom playing cards company announced in September that it would slash
24,600 jobs, or 8% of its combined workforce, by the end of 2011 as a
result of the $14 billion acquisition. To-date, half of those jobs
have been indie clothes Hurd said Tuesday.
Still, Hurd remained cautious, telling analysts in a conference call
that "the vast majority of cost mandarin tutor chicago are ahead of us."
"Disciplined focus on operational efficiencies and execution drove
record cash flow," said Hurd. "Our services business continued to
deliver strong profitability with an increased deal pipeline and the
streetwear fashion integration tracking ahead of schedule."
HP is often compared to rival IBM (IBM, Fortune 500) because both are
large players in a number of different tech businesses. Shares of HP
have been emo fashion since January, compared with IBM's 25% rise and Dell's
(DELL, Fortune 500) 11% jump. But HP's stock is up 41% since the stock
market bottomed out on independent clothing 9, even with Dell's 41% jump and better
than IBM's 26% rise. To top of pageFirst Published: May 19, 2009: 4:33
PM ET
Most profitable big techs: Hewlett-Packard is no. 3
HP: No. 9 on Fortune 500
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