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HP Issues Warning

Tue May 17, 2011 - 10:03 AM EDT - By Annie Latham

Because of a leaked memo, HP moved up their Q2 (period ending April 30) earnings announcement one day. In stories appearing online Monday, like this one from SiliconValley.com (Mercury News), there was discussion about an email sent by Hewlett-Packard CEO Leo Apotheker to his top lieutenants on May 4 that warned them to prepare for a "tough" current quarter and to "watch every penny and minimize all hiring."

In the email, Apotheker said, "Q3 is going to be another tough quarter, one in which we will be driving hard for revenue and profit. We have absolutely no room for profitless revenue or any discretionary expenditures."

He said travel should be limited to "essential revenue-generating" activities.

Shaw Wu, an analyst with Sterne, Agee & Leach, was quoted saying, "It seems (Apotheker) is going to have to be more vigilant on spending than he would have liked."

In a related story, early Tuesday morning, HP cut its full-year outlook citing a "trifecta of woes" that include the earthquake in Japan, soft PC sales and weakening performance in its crucial tech services business.


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