HP has revised its rest of year forecast after reporting a 13 per cent drop in net profit for the first quarter of 2009.
The IT giant saw turnover increase by one per cent for the quarter to £28.8bn, compared to $28.5bn in the same quarter last year. Net profit, based on generally accepted accounting principles (GAAP) stood at $1.9bn, a 13 per cent decline on the $2.1bn reported in Q1 2007.
EMEA turnover declined three per cent, but revenue from the Americas grew 11 per cent.
Mark Hurd, chief executive of HP, said: “Our market strength, disciplined cost management and diverse portfolio allowed us to differentiate HP in the global marketplace and gain share in key markets.”
Looking forward, the firm has predicted that Q2 turnover will decline between two and three per cent from the year ago period and is estimating that full year 2009 revenue will decline between two and five per cent from the year ago period.
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