Natalie Parkinson
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HP issued disappointing forecasts


Hewlett-Packard issued a forecast for fiscal fourth-quarter profit that missed some analysts’ estimates, and Chief Executive Officer Meg Whitman rescinded a projection for growth in fiscal 2014 as ebbing demand for personal computers and lower business spending hamper her turnaround efforts.

The second-biggest PC maker and largest printer supplier also unveiled a shake-up of its top ranks, naming Chief Operating Officer Bill Veghte as head of its enterprise business, replacing Dave Donatelli. Chief of Communications Henry Gomez was promoted to chief marketing officer, replacing Marty Homlish.

Earnings excluding some items will be 98 cents to $1.02 a share for the period which ends in October, the company said in a statement today. Analysts predicted $1.01 on average, according to data compiled by Bloomberg. For the 2013 fiscal year, earnings will be $3.53 to $3.57 a share, compared with the company’s previous forecast of $3.50 to $3.60.

Yesterday the stock fell in extended trading on this news, and I suppose that it will fall during today’s session too.