AfterDawn: News

HP shares get crushed after lackluster earnings report

HP shares have fallen as much as 12 percent today following a lackluster quarterly earnings report yesterday, and a weak forecast for 2011.

The company blamed its revenue downgrade on a "weak consumer personal consumer market" and slowing growth in its information technology services business.



However, corporate hardware business was a strong winner, said the company.

New CEO Leo Apotheker has planned a March meeting with analysts and stock holders in which he will unveil the company's long-term vision, moving it out of its current "transitional" stage.

Overall, HP reported Q1 profit of $2.6 billion on revenue of $32.3 billion. For the Q2, however, the company predicts revenue of $31.5 billion, much lower than the anticipated $32.6 billion average of analysts following the stock.

For the full year 2011, the company expects revenue of $131 billion, lower than the anticipated revenue of $133 billion.

Written by: Andre Yoskowitz @ 23 Feb 2011 14:26

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• 2 comments

• Mr-Movies

  HP is a horrible manufacture and Service Company these days, they have the worst customer service, their hardware solutions are very poor and not reliable, and their software solutions have really never been great but are even worst now.
  
  I can see why their Business solutions are doing better as they provide better support for them however they are too expensive still. Fortunately the Business world doesn't change direction drastically which has saved them in that market.
  
  It will be a long time before I ever buy an HP product again.
  
  

  25.2.2011 15:41 #1

• trevora

  Originally posted by Mr-Movies: HP is a horrible manufacture and Service Company these days, they have the worst customer service, their hardware solutions are very poor and not reliable, and their software solutions have really never been great but are even worst now.
  
  I can see why their Business solutions are doing better as they provide better support for them however they are too expensive still. Fortunately the Business world doesn't change direction drastically which has saved them in that market.
  
  It will be a long time before I ever buy an HP product again.
  Agree completely. Had a horrible experience with my first 17" notebook which was a HP. The help-desk in Mumbai, or somewhere in India, was rude & unhelpful, not to say very hard to understand their accent. After 2 replacements, all with the same problems, yes, problems not problem, I invoked my country's consumer laws & got a refund. I have 2 notebooks now & guess what brand they aren't! Bloody horrible company!!!

  4.3.2011 05:40 #2