HP warns investors of ‘broad-based profit decline’ in near term
HP (HPQ) has been in trouble for a while now, and the company on Wednesday warned investors and analysts that things wouldn’t be getting better anytime soon. Per Business Insider, HP told attendees at a company analyst meeting today that “HP’s profit forecast for FY 2013 comes in at $3.40-$3.60 per share, below $4.16 average estimates.” But what’s more ominous is that HP said analysts should expect a “broad-based profit decline” in the near term, with the company’s revenues expected to be “growing in line with gross domestic product” by 2016. HP said that while it had already gone through some painful layoffs and write-offs over the past couple of years, the company wouldn’t fully complete its restructuring program until 2014.
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