Hewlett-Packard In Tough Times

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Hewlett-Packard In Tough Times

By Zacks Investment Research on February 20, 2009 | More Posts By Zacks Investment Research | Author's Website

Hewlett-Packard Company’s (HPQ) results were below expectations and the company has lowered guidance for the 2nd quarter and full year 2009. Non-GAAP earnings were at the low end of guidance. As we had mentioned, slow PC sales had a negative impact on printer sales and printer supplies.

The company has cut 9,000 employees and further cuts are expected.

The acquisition of EDS has depressed margins, and we expect this to continue.

We expect the poor results to continue through the 3rd quarter. In our opinion, visibility is poor through the 4th quarter and into 2010. We do not know the actual cash impact of severance pay, and this will impact the difference between GAAP and non-GAAP results.

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