Hewlett-Packard fails to meet estimates

HEWLETT-PACKARD last night forecast first-quarter profit that missed analysts’ estimates, a sign that chief executive Meg Whitman may struggle with the slump that led to the ousting of her predecessor, Leo Apotheker.

Profit for the quarter ending in January will be 83 cents to 86c a share, excluding some items, the company said in a statement. The average estimate of analysts surveyed by Bloomberg was for $1.11 a share.

Hewlett-Packard is suffering as some consumers shun personal computers and businesses curtail spending on technology services. Apotheker was replaced by Whitman on September 22 after slashing forecasts three times in less than a year and jarring investors with a decision to explore spinning off the PC unit.