(NEW YORK) — Most CEOs act as cheerleaders for their companies, but not Meg Whitman. The Hewlett-Packard boss delivered a grim outlook for her company on Wednesday that sent its shares into a tailspin.
HP’s market value dropped more than $4.3 billion, with the share price plunging 13 percent after her remarks in San Francisco for analysts and investors.
A Silicon Valley pioneer, HP is the world’s largest seller of personal computers and printers. Whitman expects a sharp drop in company profits over the next 12 months and says the problems are so severe it might be 2015 before sales begin to accelerate.
Some analysts were surprised by the depth of the problems Whitman outlined, but others called her candor refreshing.
Copyright 2012 ABC News Radio
Kathryn Vasel and Jill Disis, CNN
Jill Disis, CNN
Aaron Smith, CNN
Herb Scribner, Deseret News