- Meg Whitman on the CC: "Total company [Y/Y] revenue growth in [FY14] is unlikely." Ongoing PC and services challenges are blamed for the outlook. H-P (HPQ) is currently expected by analysts to see a 2.2% FY14 rev. drop.
- More from Whitman: "We see a continued weak enterprise spending environment. Sentiment in the U.S. is improving ... I would characterize Europe as challenging and China continues to be soft." Also, "continued pricing pressure" is expected for PCs, printers, and (thanks to Dell?) x86 servers.
- Investors have already been on edge about enterprise IT spending thanks to Cisco.
- Whitman doesn't hesitate to throw Dave Donatelli under the bus - she calls H-P's enterprise hardware performance "very disappointing - and suggests the unit's problems are due to execution rather than technology (they'd better be, given R&D is less than 4% of revenue and declining).
- AllThingsD reports Whitman and Donatelli "had a difficult relationship" even before Donatelli's reassignment, thanks in part to server share losses to Dell.
- Management strikes a relatively upbeat tone about printing, and says traction for H-P's Ink in the Office initiative has been good.
- FQ3 free cash flow was $2B, above net income of $1.7B. The presence of "material non-public information" is said to have curtailed buyback activity.
- More on H-P
H-P now -6.2% AH; company doesn't expect FY14 rev. growth
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