HP Shares Dip on Weak Forecast
NEW YORK (TheStreet) -- HP(HPQ) shares dipped in after-hours action Wednessday after the Dow component came in a bit shy of Wall Street's revenue view for its fiscal first quarter and gave a weak forecast.
The troubled tech giant, which is trying to turn itself around under the leadership of new CEO Meg Whitman, reported adjusted earnings of 92 cents per share and revenue of $30 billion. Analysts were looking for earnings of 87 cents per share and revenue of $30.1 billion.
For the current period ending in April, the Dow component sees earnings of 88 to 91 cents per share, while the current average estimate of analysts polled by Thomson Reuters is for a profit of 95 cents a share.
This quarter marks the company's first full quarterly period under Whitman, who took over from former CEO Leo Apotheker last year. Whitman has already made several bold strategic moves, including nixing plans to ditch HP's PC business and opening up the company's webOS operating system to outside developers.
The stock was last quoted at $28.76, down 18 cents, on volume of more than 2.2 million, according to Nasdaq.com. Earlier in the extended session, the shares went as low as $27.89.
--Written by Olivia Oran in New York.
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