HP profit rises, but revenue growth a concern

Hewlett-Packard Co., the world's largest computer-maker, forecast second-quarter profit and sales that missed analysts' predictions as a slowdown in consumer spending throttled growth.

Excluding some costs, profit will be $1.19 to $1.21 per share this quarter, Palo Alto's HP said Tuesday. Sales will be $31.4 billion to $31.6 billion. That compares with profit of $1.26 and revenue of $32.6 billion, the average estimates of analysts surveyed by Bloomberg.

Consumers are holding back spending on computing products, keeping Chief Executive Officer Léo Apotheker from exceeding analysts' predictions in his first quarter at the helm. HP, which gets more than a third of its sales from Europe, the Middle East and Africa, was also affected by a slow recovery there.

Read Full Article from San Francisco Chronicle

- Posted: 2011-02-22 22:13:14

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