HP reporting results early after memo leak

The memo from the company's CEO warned of tough times ahead for the company

Hewlett-Packard advanced to Tuesday morning the release of its results for its fiscal second quarter ended April 30, after an internal memo, warning of a tough current quarter, leaked to the media.

HP did not give any reason in its statement on Monday for advancing the date of the release of its results by a day.

In an e-mail sent to 10 senior HP executives, CEO Leo Apotheker asked them to cut back expenses, and slow their hiring plans, The Wall Street Journal reported.

The email was sent on May 4, a few days after HP started its current quarter, and was also signed by chief financial officer Cathie Lesjak, the report said.

HP shares fell by close to 5 percent in after-hours trading on Monday, following the leak of the memo.

HP reported in February a jump in profit for the first quarter of its 2011 fiscal year, but weakness in its PC and services divisions dragged down sales.

Revenue for the quarter at US$32.30 billion was up 4 percent from a year earlier, but below the $32.96 billion analysts had expected.

John Ribeiro covers outsourcing and general technology breaking news from India for The IDG News Service. Follow John on Twitter at @Johnribeiro. John's e-mail address is john_ribeiro@idg.com

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John Ribeiro

IDG News Service
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