HP slashes full-year outlookMay 17, 2011 - 16:55 AMT PanARMENIAN.Net - Hewlett-Packard Co slashed its full-year outlook, casting doubts about Chief Executive Leo Apotheker's turnaround plan and sending its shares down 5.4 percent. The world's largest technology company blamed the impact of the March earthquake in Japan and weak PC sales. The company released its results a day before it originally planned after an internal memo from Chief Executive Leo Apotheker warned his executives of "another tough quarter" ahead. Apotheker, who took the helm in September, wants to boost earnings and dividends by pushing into sectors such as cloud computing, where services are hosted from data centers. Investors are looking for signs of progress on that strategy. "HP has been known historically for consistency," said Gleacher & Co analyst Brian Marshall. "Now they are known for inconsistency." HP cut its outlook for full-year profit, excluding items, to "at least $5.00 per share" from previous outlook of "$5.20 to $5.28" and cut full year revenue outlook from $130 billion to $131.5 billion to new forecast of $129 to $130 billion. It expects lower operating profit for its services business, one of its biggest units. Revenue in the fiscal second quarter ended April 30 rose to $31.63 billion, up 3 percent from the previous year and slightly above the average analyst estimate of $31.52 billion. The company reported net income of $2.3 billion, or $1.05 a share, up from $2.2 billion, or 91 cents a share, a year earlier, Reuters reported. Top stories Yerevan will host the 2024 edition of the World Congress On Information Technology (WCIT). Rustam Badasyan said due to the lack of such regulation, the state budget is deprived of VAT revenues. Krisp’s smart noise suppression tech silences ambient sounds and isolates your voice for calls. Gurgen Khachatryan claimed that the "illegalities have been taking place in 2020." Partner news Most popular in the section | Kazakhstan welcomes Yerevan, Baku’s agreement to meet in Almaty Kassym-Jomart Tokayev has welcomed the agreement of Baku and Yerevan to hold negotiations in Almaty. Armenia offers to temporarily host, preserve Gaza manuscripts The Armenian Foreign Minister has said Yerevan is ready to help preserve manuscripts from the conflict zone in Gaza. Aliyev says no need for mediators in Armenia-Azerbaijan process Azerbaijani President Ilham Aliyev believes that Baku and Yerevan do not mediators in the process of normalizing relations. Aram I supports Karekin II’s “patriotic position” Catholicos of the Great House of Cilicia Aram I has expressed support for the Mother See of Holy Etchmiadzin. |