Because of ongoing economic turmoil in Asia-Pacific, Hewlett-Packard is likely to post net earnings and revenue growth for the third quarter that are below analysts' expectations, the company said this week in a statement.
HP plans to announce its full earnings report on August 17, but warned in the statement that, based on analysis of May and June financial results, revenue growth over the same quarter last year probably will be in mid-single digits. Flat to moderately lower earnings are expected, compared to last year when the company posted earnings of $US0.58 per share.
Cost-cutting measures have helped, but will not completely offset slow revenue growth on net earnings, the statement said.
"We've done a much better job of managing expenses this quarter. But expense management can't compensate fully for struggling economies in Asia-Pacific and new signs of economic uncertainty elsewhere," Lewis Platt, HP chairman, president and chief executive officer, said in the statement.
More detailed financial information is available at http://www.hp.com/go/financials/