HP reported its fiscal first quarter results for 2011 on Tuesday, revealing a strong performance in earnings and income. Its net income was $2.6 billion for its first fiscal quarter, up from $2.3 billion a year earlier. Overall revenue was $32.2 billion, up from $31.2 during last year’s first quarter. The company’s projections, however, jarred some nerves. HP forecast slower revenue growth than many analysts had predicted for this year, which sent shares down 12 percent during after-hours trading, and a further 11 percent Wednesday morning, dropping HP’s market cap $11 billion.
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Enterprise Sales Not Enough to Keep HP Humming
Posted by: Rob Spiegel February 23, 2011 02:42 PMHP reported its fiscal first quarter results for 2011 on Tuesday, revealing a strong performance in earnings and income. Its net income was $2.6 billion for its first fiscal quarter, up from $2.3 billion a year earlier. Overall revenue was $32.2 billion, up from $31.2 during last year’s first quarter. The company’s projections, however, jarred some nerves. HP forecast slower revenue growth than many analysts had predicted for this year, which sent shares down 12 percent during after-hours trading, and a further 11 percent Wednesday morning, dropping HP’s market cap $11 billion.