Watch out below! HP’s stock is tumbling to new lows as the company lays out its 5-year recovery program. Wall Street clearly doesn’t like what it’s hearing either.
HP’s stock opened at $17.35 and maintained this price throughout the day until it suddenly, nearly violently, crashed to where it sits now at 10% down for the day at $15.50, a 9-year low.
The plan outlined by HP’s top leadership today calls for a long-term recovery program. Sustained growth is not expected until 2015. The company also provided a financial outlook for fiscal 2013 indicated that non-GAAP earnings per share will be in the range of $3.40 to $3.60 and GAAP diluted EPS to be in the range of $2.10 to $2.30.
But radical change takes time and HP CEO Meg Whitman doesn’t expect HP’s revenues to grow inline with the US GDP until 2016.
At HP we don’t just believe in the power of technology. We believe in the power of people when technology works for them. To help you create. To make the digital tangible. To harness the power of human information. At HP we work to make what you do matter even more.
Austin, TX
Seattle, WA
San Diego, CA
Menlo Park, CA
San Francisco, CA
Berlin, Germany
