HP’s Profit Drops 13%, Cuts 2009 Forecast

Computer giant Hewlett Packard is feeling the recession as it reported a profit drop of 13 percent and was forced to cut it’s 2009 forecast.

“The swing in the revenue outlook is particularly glaring and suggests that, clearly, their business has slowed materially over the last two months,” said Calyon Securities analyst Shebly Seyrafi.

The company earned $1.9 billion in profit on $28.8 billion in sales for the last quarter — which ended on January 31 — though revenue increased only 1 percent compared to the same time in 2008.  HP’s sales of PCs, printers, ink and servers also declined, with several other HP businesses expected to be hurt in the future.

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Posted by admin on Feb 19th, 2009 and filed under Business News, Headlines, Technology. You can follow any responses to this entry through the RSS 2.0. You can leave a response by filling following comment form or trackback to this entry from your site

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