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Hewlett-Packard Company (NYSE: HPQ) shares plunged heavily on Wednesday, closing down almost 10 percent on back of the company reporting first-quarter earnings that were below expectations.
Meg Whitman, Hewlett-Packard chairman and CEO, was on CNBC to discuss the company’s quarterly numbers.
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Confident About The Second Half
“Some real bright spots on the business, the PC business continues to do well,” Whitman said. “Perhaps biggest turnaround in the last couple of years, last couple of quarters is our industry-standard server business, which grew 9 percent in constant currency. We had a good security business, graphics business, so some real bright spots.”
She continued, “And of course the key to growth in the future is the turnaround of enterprise services, which still declined due to key account runoffs and weakness in […], but we expect a better half, a better second-half in the growth rate of enterprise services. So, I think flat constant currency is a really good estimate for the rest of the year. We feel confident in that.”
Not A Great Quarter For Networking
When asked about why the reasons behind the company’s networking business languishing, Whitman replied, “networking has grown for 21 consecutive quarters. This quarter was not a good quarter for networking and couple of execution issues - one in the United States, one in China.
"We have changed out our China leadership team in networking. We are making some changes to the U.S. sales force incentives, but it’s a dynamic market and credit to Cisco, they did have a good quarter in networking.”
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.