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July 21, 1998

HEWLETT-PACKARD WARNS OF BUSINESS SLOW DOWN

By CBR Staff Writer

Hewlett-Packard Co, of Palo Alto, California, warned investors on Tuesday that both earnings and revenue would fall below expectations for the third quarter ended July 31. The company said it expects earnings to be flat or slightly down on last year’s third quarter figure of $0.58 per share, while revenues are expected to climb by just 4% or 5%. HP’s chief executive, Lewis Platt, blamed the struggling economies in Asia-Pacific and new signs of economic uncertainty elsewhere. The company recently instituted a freeze on hiring, its first ever. HP will report its full results on August 17, after the close of markets.

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