HP reporting results early after memo leak

Life

17 May 2011

Apple, Microsoft and Intel might be reporting strong financials, but its not rosy in the technology sector. A memo leaked to the Wall Street Journal by CEO Hewlett-Packard indicated that

Sent to 10 senior HP executives on 4 May, the memo by CEO Leo Apotheker (pictured), and co-signed by CFO Catherine Lesjak, asked them to cut back expenses and slow hiring plans, The Wall Street Journal reported.

This morning will see the release of HP’s results for its fiscal second quarter ended 30 April, advancing the announcement by a day.

HP shares fell by close to 5% in after-hours trading on Monday, following the leak.

 

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HP reported in February a jump in profit for the first quarter of its 2011 fiscal year, but weakness in its PC and services divisions dragged down sales.

Revenue for the quarter at $32.30 billion was up 4% from a year earlier, but below the $32.96 billion analysts had expected.

Niall Kitson

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