Hewlett Packard chief warns of a plunge in revenue

Oct 4, 2012

Shares in HP drop to a nine-year low after CEO admits company lacks "sharp, competitive focus"

Shares in Hewlett Packard, once the bellwether US technology firm, plunged to a nine-year low after CEO Meg Whitman warned of a plunge in revenue. Whitman blames executive turnover in past years for hampering the company's recovery and said HP lacks a "sharp, competitive focus", and must "work a lot harder". Investors said they see no coherent strategy for recovery. "I was surprised that nothing new was really said in terms of strategy, and the problem here is there is lack of investor confidence in the current strategy," Shaw Wu, an analyst with Sterne Agee, told Reuters.

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