HP disappointed the market yesterday when its third-quarter results failed to meet expectations.
The hardware giant`s share lost 10.5% to close at $19.80 on the New York Stock Exchange.
Revenue for the three months to 31 July came in at $17.35 billion, 5% higher than the prior-year period, while net income of $297 million or $0.10 a share compares with a year-earlier net loss of $2.03 billion or $0.67 a share.
Excluding charges, the group achieved earnings of $0.23 a share, below analysts` expectations of $0.26.
"The third quarter is always tough, but we still should have done better," says HP chairman and CEO Carly Fiorina. "Nevertheless, we are confident in our strategy and the actions we`re taking.
"We expect to deliver a strong fourth quarter with every one of our businesses profitable."
The group estimates that it will achieve revenue of between $18.8 billion and $19.1 billion in the fourth quarter, with earnings of $0.34 to $0.36.
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