HP offers weak outlook, will cut 25 percent of PC models

©IDG Communications, Inc. Photo contributed by Matthew Mikaelian.

IDG News Service

Hewlett-Packard has outlined a turnaround plan that includes slashing the number of PC models it sells by 25 percent over the next two years.

At its financial analyst day in San Francisco on Wednesday, HP also painted a weak financial outlook for the next fiscal year, saying it expects earnings per share of $3.40 to $3.60. That’s well below the analyst estimate of $4.18.

HP’s stock price took a hit after the announcement. It was down around 11 percent in mid-afternoon trading.

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