HP boss warns “another tough quarter” ahead, in a leaked memo.
Hewlett Packard’s new chief Leo Apotheker wrote to senior company execs last week warning of tough time ahead, referring to the May-July period.
He also instructed management to “watch every penny and minimise all hiring.”
It “is going to be another tough quarter, one in which we will be driving hard for revenue and profit,” the leaked memo reportedly warned.
The news sent share prices tumbling by $US1.80, or 4.5 per cent, according to AP. Its shares have already taken a 17% dive since its last earnings report earlier this year.
This followed scandals at senior management which prompted the departure of former CEO, Mark Hurd last August and a major shake out of the board.
The PC giant also pushed its Q2 earnings report forward to Tuesday. The original date was set for Wednesday although it declined to give a reason for the move.
Analysts believe the PC maker will post earnings per share of $US1.21 per share on $US31.6bn revenue.