Annual revenue will drop 4 percent to 5 percent, the lower end of a forecast range given in February, Hewlett-Packard said yesterday. Chief Executive Officer Mark Hurd said he’s basing the forecast on the expectation that the economy won’t improve in coming months.More info at Bloomberg.
“I’m not ready to call it better,” he said on a conference call. “It’s roughly going to be the same the rest of the year.”
Hurd, who’s already trimmed jobs and slashed salaries at the company, will eliminate another 6,400 workers in the next 12 months as sales slump for PCs and printers. Hewlett-Packard’s services unit -- bolstered by the $13.2 billion acquisition of Electronic Data Systems Corp. last year -- is becoming “our largest profit driver today,” he said.
HP cuts 6400 jobs as sales decline
Posted on Wednesday, May 20 2009 @ 18:38 CEST by Thomas De Maesschalck