HP Shares Down On Missed Revenue Target

Wednesday Feb 23rd 2011 by Datamation.com Staff

The company predicts sluggish sales for the coming quarter.

InformationWeek: HP reported Tuesday that its income for the first quarter rose 16 percent to hit $2.6 billion, or $1.17 a share. However, that failed to meet analyst expectations of $1.28 a share to $1.30 a share.

According to HP, the reason profits didn't grow as much as expected was weak sales of consumer PCs. The company predicts those sales will remain sluggish for the coming quarter, and in fact, the company's guidance for the coming quarter was the lowest since the height of the recession.

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