Hewlett-Packard cuts high end of its forecasts

Hewlett-Packard cut the high end of its forecast for full-year profit amid falling demand for personal computers and business- technology services, underscoring the turnaround challenge facing CEO Meg Whitman.

Profit excluding certain costs will be $4.05 to $4.07 a share in the year that ends in October, the firm said.

That’s at the low end of a forecast for $4.05 to $4.10 issued in May and below the average $4.08 analyst estimate compiled by Bloomberg. Profit excluding costs was $1 a share and sales were $29.7bn in the third quarter, matching analysts’ predictions.