PALO ALTO, Calif.-Computing giant Hewlett-Packard Co. reported first-quarter revenues of $17.9 billion, down from the $18 billion it scored in the prior quarter. The company’s operating profit totaled $1.1 billion.
“HP is making good headway and continues to execute well,” said Carly Fiorina, HP’s chairman and chief executive officer. “The first quarter was our best overall profit performance since the merger, demonstrating there is significant leverage in our operating model.”
Investors seemed disheartened by the news, sending the company’s stock down about 13 percent to about $16 per share. All eyes are on HP as the market waits to see if its merger with Compaq Computer Corp. bodes well or ill for the company.
