HP’s Fourth-Quarter Sales Miss Estimates Ahead of Split
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Hewlett-Packard Co., the computer maker that plans to split into two companies, reported fiscal fourth-quarter sales that fell short of analysts’ estimates, hurt by an accelerating shift to cloud computing and a tepid personal-computer market.
Sales in the period ended Oct. 31 fell 2.5 percent to $28.4 billion, the Palo Alto, California-based company said today in a statement. Analysts on average had projected revenue of $28.8 billion, according to data compiled by Bloomberg. Profit excluding some items was $1.06 a share, matching estimates.