HP: Consumer PC Sales Fell 20% Last Quarter
Posted on May 18, 2011
Hewlett-Packard Co. dropped a bombshell on tech industry yesterday. The L.A. Times reports that HP said consumer PC sales plunged 20% in the 3-month period ending April 30th, compared to the same period last year. The company also warned that its revenues this year will be less than last year. Economists were left debating whether the iPad and tablets are to blame or the economy is just plain awful.
HP's shares plunged during the day. They were down nearly 10% at one point, but closed down over 7% at $36.91.
HP did beat expectations with its quarterly report, but the warning about computer sales is what got all the attention.
The Wall Street Journal also reported on a memo yesterday from HP chief executive Leo Apotheker warning ten top senior HP executives to prepare for tough times ahead and cut expenses.
