HP has cut its revenue outlook for the year ahead Shares in PC manufacturer Hewlett Packard have slumped by 12% in after hours trading after the firm cut its revenue outlook for 2011.HP said it expected revenue in the range of $130bn (£80bn) to $131.5bn in 2011, down from a previous forecast of $132bn to $133.5bn.
The firm also reported first-quarter revenues of $32.3bn, up 4% from a year ago but below analysts' expectations.
The company blamed a weakening consumer demand for personal computers.
First-quarter net income rose to $2.6bn from $2.2bn at the same time a year earlier.
But revenue at Hewlett Packard's personal computer division slipped by 1% as the company's sales continued to struggle.
Its IT services division - which includes technology infrastructure outsourcing - saw revenues fall by 2% as businesses signed fewer such outsourcing contracts.
"If you use Q1 as a marker, it's clear that we do a lot of things well at HP. It's also clear that we have isolated areas we need to improve," said chief executive Leo Apotheker.
A.nemdil & Press Agencies
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