Amwal Al Ghad English - 2013-08-22 08:28:02
Hewlett-Packard Co. (HPQ) issued a forecast for fiscal fourth-quarter profit that missed some analysts’ estimates, and Chief Executive Officer Meg Whitman rescinded a projection for growth in fiscal 2014 as ebbing demand for personal computers and lower business spending hamper her turnaround efforts.
The second-biggest PC maker and largest printer supplier also unveiled a shake-up of its top ranks, naming Chief Operating Officer Bill Veghte as head of its enterprise business, replacing Dave Donatelli. Chief of Communications Henry Gomez was promoted to chief marketing officer, replacing Marty Homlish.Earnings excluding some items will be 98 cents to $1.02 a share for the period which ends in October, the company said in a statement today. Analysts predicted $1.01 on average, according to data compiled by Bloomberg. For the 2013 fiscal year, earnings will be $3.53 to $3.57 a share, compared with the company’s previous forecast of $3.50 to $3.60. The stock fell in extended trading.
Hewlett-Packard, based in Palo Alto, California, is suffering from an extended decline in PC demand and shifts to mobile technologies that have sapped its sales, even as it’s eliminating 29,000 jobs, delivering new products and paying down debt to improve its competitive position. A fifth consecutive quarter of declining global PC shipments crimped profit at the company, which hasn’t expanded quickly enough in new devices like smartphones and tablets. More»