HP Says Tough Quarter Looms, Blames Earthquake And Tight Consumers

leo apotheker HP

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Reporting its second quarter earnings this morning, Hewlett Packard said it expects Q3 EPS to come in at $1.08 – less than the analyst expectation of $1.23.HP’s non-GAAP Q2 EPS actually met expectations – $1.24 v. $1.21 – but shares are down anyway.

Q2 net revenues came in at $31.6 billion, up 3% year-over-year.

In a release, the company says tight consumers and the Japanese earthquake have diminished the company’s outlook for the current quarter.

Last night, Bloomberg published bits of of a May 4 memo from HP CEO Leo Apotheker to top lieutenants where he warned that the company was facing “another” tough quarter and urged all groups to “watch every penny and minimize all hiring.”

For all the details, see HP’s release >>