Hewlett-Packard Cuts Forecasts as Consumers Curb PC Buying
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Hewlett-Packard Co., the biggest personal-computer maker, cut a billion dollars from its sales forecast for the year and missed analysts’ profit projections as consumers shunned PCs and services margins narrowed.
Full-year sales will be $129 billion to $130 billion and earnings excluding some items will be at least $5 a share, Palo Alto, California-based Hewlett-Packard said in a statement today. Analysts estimated sales of $130.3 billion and earnings of $5.24, the average projections in a Bloomberg survey. Third-quarter forecasts from HP also missed analysts’ estimates.