Hewlett-Packard dashes 2014 growth hopes

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Hewlett-Packard dashes 2014 growth hopes

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Hewlett-Packard shares slumped after the technology giant unveiled an eight percent fall in revenue in the last quarter and warned it is “unlikely” to see revenue growth next year.

HP is struggling as global PC sales decline, with customers switching to tablets and smartphones. It is the No. 1 PC maker.

Chief executive Meg Whitman said: “It’s unlikely … that we’ll see the growth in 2014 that I had hoped.”

She is trying to transform HP into a provider of enterprise computing services to compete with the likes of IBM and Cisco Systems.

However that part of the business – which sells servers, storage and software services to organisations – suffered a nine percent decline in quarterly revenue.

Whitman called that “very disappointing” and has shifted the head of that division – Dave Donatelli – to a different role.