HP Down After Lackluster Earnings
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The computer maker's earnings hit estimates, but investors hoped for more.
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Stocks fell on Wednesday as data showed higher-than-expected inflation in January and shares of Hewlett-Packard Co.  fell a day after the technology bellwether reported financial results.
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By Chadwick, Philip  HP has posted improved results for the second quarter of the year with a boost in revenues for its imaging and printing division. Over the period, revenue grew by 6% to Pounds 3.6bn ($7.2bn) while revenue for commercial printer units improved by 21%.
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Dell Inc's pain was Hewlett-Packard Co's salvation during its latest fiscal quarter, judging by the numbers that HP has posted.
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Stocks fell on Tuesday after a weak outlook from Procter & Gamble, disappointing earnings from U.S. Steel and a report showing consumer confidence at a two-year low fueled worries about the economy, consumer spending and corporate profits.
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U.S. stocks fell on Friday, with the Dow and the Nasdaq down more than 1 percent, after bellwether stocks Caterpillar Inc.  and Google Inc  posted disappointing earnings.
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U.S. blue-chip stocks fell on Wednesday after higher-than-expected inflation data dented hopes for an interest-rate cut and technology bellwether Hewlett-Packard Co.  failed to impress investors with its latest earnings report.
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(InfoWorld) - Hewlett-Packard topped Wall Street's revenue and earnings expectations in the first quarter of its 2007 fiscal year. HP posted net income of $1.5 billion, or $0.55 a share, in the quarter ended Jan. 31, 2007, compared to $1.2 billion, or $0.42 a share in the year ago quarter, the Palo Alto, California company said Tuesday. Excluding $279 million in adjustments on an after-tax basis, net income for HP (NYSE: HPQ) was $1.8 billion, or $0.65 a share, exceeding the consensus forecast for $0.62 per share from analysts polled by Thomson Financial. HP described the expenses as related primarily to the amortization of purchased intangibles and in-process research and development charges related to acquisitions. It also cited stock-based compensation expense in both current and prior years. Revenue came in at $25.1 billion, up 11 percent from last year's first quarter and above the $24.27 billion analyst forecast. Growth came from HP's personal systems group, which is desktop and laptop computers for consumers, with a 17 percent year-over-year revenue growth, and from imaging and printing, with 7 percent revenue growth. HP topped rival Dell as the leading seller of personal computers in 2006, according to IDC. At financially troubled Dell,Â former CEO and Chairman Michael Dell returned to the CEO office following the ouster of Kevin Rollins last month. "HP delivered a strong first quarter with improved margins and solid revenue growth across our businesses," said Mark Hurd, HP chairman and chief executive, in a statement.
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Hewlett-Packard reported solid financial results for its fiscal first quarter, driven by growth in PCs and enterprise hardware. The results prompted HP to raise its forecast for the year ahead.Revenue for the quarter, which ended Jan. 31, was $28.5 billion, up 13 percent from a year earlier, HP announced Tuesday. Pro forma net income was $2.3 billion, or $0.86 per share, up from $1.8 billion, or $0.65 per share, a year earlier.The figures beat the expectations of financial analysts, who had forecast revenue of $27.6 billion and pro forma earnings per share of $0.81, according to Thomson First Call. The pro forma figure excludes one-time items that slightly inflated the results. Using generally accepted accounting principles, HP&#39;s profit was $2.1 billion, or $0.80 per share.HP&#39;s Personal Systems Group, which produces its laptop and desktop PCs, grew its revenue 24 percent from the same period a year earlier, to $10.8 billion, with unit shipments up 27 percent. Notebook sales climbed fastest, up 37 percent, while desktop sales climbed 15 percent.The division had already been doing well. HP extended its lead over Dell in PC sales last year, according to figures from Gartner. HP ended the year with 18.2 percent of the market, compared with 14.3 percent for Dell. The PC market overall grew 13.4 percent.HP may find it hard to sustain that growth rate, in part because it has to make comparisons with increasingly successful quarters in the year before, CEO Mark Hurd said on a conference call. Still, Hurd said, &quot;when you look at 24 percent growth, I think that&#39;s pretty darned strong.&quot;HP&#39;s imaging and printing group performed slightly less well, with revenue climbing 4 percent to $7.3 billion. Printer unit sales declined by 1 percent from a year earlier, thanks to weakness in the consumer market. Revenue from supplies, which includes HP&#39;s profitable ink business, climbed 6 percent, however.Revenue from the servers and storage group climbed 9 percent to $4.8 billion. Sales of blades and industry-standard servers were strong, while HP&#39;s PA-RISC and Alpha chip businesses continued to shrink. Services revenue climbed 11 percent year-over-year to $4.4 billion, while software sales climbed 11 percent to $666 million, HP said.Hurd said he was pleased with the results overall. He attributed them to successful cost-cutting efforts, the addition of 2,000 new HP sales staff in the past year, and a diverse product portfolio.HP generates an increasing amount of its business overseas, he said. Its biggest market continued to be Europe, the Middle East and Africa, where revenue grew 15 percent to $12.3 billion. Asia-Pacific revenue climbed 22 percent to $4.9 billion. Growth in the Americas was a sluggish 8 percent, generating $11.2 billion.&quot;We generated 69 percent of our revenue outside the U.S., with emerging markets driving significant growth,&quot; Hurd said.The company now expects second-quarter revenue of $27.7 billion to $27.9 billion, and pro forma earnings per share of $0.83 or $0.84. That&#39;s above what analysts polled by Thomson had been estimating: pro forma profit of $0.82 and revenue of $27.4 billion.
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Stocks fell on Wednesday after  quarterly earnings reports, including those from Motorola Inc.  MOT.N and Pfizer Inc. PFE.N, failed to impress investors.
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Stocks were headed lower at the open   on Thursday, weighed down by weaker-than-expected earnings from  online retailer Amazon.com Inc. AMZN.O and a government  report showing U.S. productivity growth slowed in the fourth  quarter.
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Texas Instruments Inc.  posted a lower quarterly profit on weak demand for its calculators, and gave a disappointing revenue forecast for the third quarter, sending shares down 3 percent on Monday.
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Google Inc  reported a lower-than-expected quarterly profit on Thursday and predicted further spending to shore up its operations, sending its shares down as much as 9.5 percent.
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Hewlett-Packard Co.'s stock price dropped by nearly 5 percent Thursday as investors reacted to reports that Chief Executive Officer Mark Hurd knew more about the computer and printer maker's elaborate spying program than previously thought.
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Stocks edged down at the opening on Tuesday as disappointing earnings from Best Buy Co. Inc.  revived worries about consumer spending.
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Hewlett-Packard Co. (HPQ.N: Quote, Profile, Research) on Tuesday posted a quarterly profit that topped its own diminished expectations as the computer and printer maker said it had
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Have weak first-quarter earnings pulled the plug on this party?