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HP warns of more cost cuts in wake of weak May sales

IT spending slump goes global

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Hewlett-Packard yesterday warned sales could miss already lowered estimates due to the IT sales slump hitting on a global level.

The US PC maker said sales in consumer and enterprise markets had been soft in all regions last month.

"HP is now more cautious regarding its revenue guidance of flat to down five per cent for the third fiscal quarter ending July 31, 2001," it stated. Carly Fiorina, HP CEO, also warned that more cost cutting was on the way.

"While it is still early in the quarter, May was softer than expected and we are now addressing what is clearly becoming a global slowdown," said Fiorina.

We are taking additional steps to generate revenues and reduce costs while continuing to implement our long-term growth strategy."

IDC said today it expected the first ever decline in PC sales in the US. It predicted shipments would fall six per cent this year to 45.8 million units. ®

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