HP lowers full-year forecast | RetailDetail

HP lowers full-year forecast

HP lowers full-year forecast

American technology company HP has lowered its forecast for the current fiscal year after weak first quarter results, partly because of negative exchange rate fluctuations.

Company to be split in two

HP's turnover dropped nearly 5 % to 26.8 billion dollars (23.6 billion euro) in its first quarter, while its net profit also dropped 4 % to 1.4 billion dollars (1.2 billion euro).

 

HP particularly points to exchange rate fluctuations, which have had a larger negative effect than last year, and it therefore expects that it will not be able to reach the full-year forecast.

 

The American company is in the middle of a 2 billion dollar (1.8 billion euro) process which will split the company in two: one division will focus on computers and printers, while the other one will provide hardware and service solutions to other businesses.

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