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Wednesday, 18 April, 2001, 12:09 GMT 13:09 UK
Hewlett Packard cuts 3,000
Hewlett Packard logo
Hewlett Packard is the latest tech giant to warn
Hewlett-Packard has issued a warning that its profits will be lower than expected in the three months to 30 April.

It blamed the "rapid deterioration in consumer information technology spending around the world".

The company said it expected to report a fall in sales of between 2% and 4%.

Based on the slowdown in consumer spending globally, HP now expects earnings per share to be in the range of 13 to 17 cents for the quarter.

"When we issued our previous... guidance, we had limited visibility into the extent of the US consumer and commercial downturn, its potential impact on other regions and the continuation of adverse currency effects.

"At this time, it is quite clear that the US downturn in the consumer market is now spreading to other regions, notably Europe," said Carly Fiorina, chairman, president and chief executive officer.

"Recent European PC market data suggests the European slowdown is beginning to mirror the pattern we saw in the US - growing softness in the retail sector and increasingly competitive pricing moves followed by a more subtle but just as meaningful slowdown in the enterprise space," she said.

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