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My Profile Top News Reuters top ten news stories delivered to your inbox each day. Subscribe You are here: Home > News > Technology > Article Home Business & Finance News U.S. Politics International Technology Internet Entertainment Sports Lifestyle Oddly Enough Health Science Special Coverage Video Pictures Your View The Great Debate Blogs Weather Reader Feedback Do More With Reuters RSS Widgets Mobile Podcasts Newsletters Your View Make Reuters My Homepage Partner Services CareerBuilder Affiliate Network Professional Products Support (Customer Zone) Reuters Media Financial Products About Thomson Reuters HP sees tech rebound Thu Sep 24, 2009 10:40pm EDT Email | Print | Share | Reprints | Single Page [-] Text [+] By Gabriel Madway SAN FRANCISCO (Reuters) - Hewlett-Packard Co predicted that overall IT spending would bounce back next year, but set a fiscal 2010 revenue forecast that came in just below Wall Street's expectations. The IT industry will return to growth in 2010, and HP should outpace that growth, Chief Executive Mark Hurd told an audience at the company's yearly analyst meeting on Thursday. Shares of HP, a bellwether for corporate spending on hardware because of its diverse, sprawling businesses, slid 1.9 percent to $46.00 after hours, from a regular close of $46.87. "I know we'll get questions about how fast the market's going to grow," Hurd said. "Whatever that answer is that's handed to us in 2010, we will grow faster." "We expect the IT industry to return to growth in 2010 and believe that HP will outpace the market." Many technology companies are looking forward to a corporate hardware refresh cycle that is expected to begin next year, as large companies move to replace aging machines with the latest equipment. While HP assumes there will indeed be a resumption in spending, "we haven't planned for it to be really robust and we're waiting to see what really happens," Chief Financial Officer Cathie Lesjak said on a call with reporters. She added that the company typically plans conservatively. HP forecast earnings, excluding items, of $4.20-$4.30 per share on revenue of $117 billion to $118 billion in fiscal 2010. That implies an operating margin of 11.4-11.6 percent. Analysts had expected a $4.23 profit on $118.1 billion of revenue, according to Reuters Estimates. For fiscal 2010, HP forecast revenue growth in its services division of 2-4 percent, and growth of 3-5 percent in its PC business, which accounts for a fifth of overall turnover. It forecast zero to 2 percent growth in its printing groups, and a 2-4 percent rise in storage and servers. LEADING THE FIELD HP's view on business spending echoes growing positive sentiment among industry executives. On Thursday, McAfee Inc CEO Dave Dewalt told Reuters he was seeing benefits from a recovery in technology spending by businesses. Others remain cautious. Blackberry-maker Research in Motion gave an outlook that fell short of forecasts heading into the holiday season, amid fears that corporations might choose to delay upgrading their employees' devices. Continued... View article on single page Share: Del.icio.us Digg Mixx Yahoo! Facebook LinkedIn Next Article: Twitter close to $100 million funding: report Also On Reuters AIDS vaccine protects people, shocks researchers Commentary: Anarchy on America's doorstep Koreans meet after half a century to say goodbye More Technology News Judge delays hearing on Google books deal Twitter close to $100 million funding: report Google suffers second email disruption in a month French exec blames email for staff stress Nokia in Brazil court battle over Ouvi/Ovi brands More Technology News... More News HP revenue forecast lags Wall Street view, shares slip Thursday, 24 Sep 2009 05:55pm EDT UPDATE 2-HP revenue forecast lags Wall St view, shares slip Thursday, 24 Sep 2009 05:54pm EDT Editor's Choice Slideshow A selection of our best photos from the past 24 hours. Slideshow Most Popular on Reuters Articles Video Randy Quaid, wife arrested over unpaid hotel bill UPDATE 1-Illinois man charged in plot to bomb federal offices U.S. terror suspects accused of targeting Marine base Mackenzie Phillips claims incestuous affair with rock icon US rethinks plans to give Libya $2.5 million in aid A123's smash-hit IPO could herald more green debuts AIDS vaccine protects people, shocks researchers | Video Silicon Valley reinvents the lowly brick UPDATE 2-ING to sell Australia, NZ jv to ANZ for $1.6 bln Study shows U.S. bank CEO pay dwarfs rest of world Most Popular Articles RSS Feed Video Obama's G20 test Protesters, police clash at G20 Water on the moon? 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Full Article Reuters.com: Help and Contact Us | Advertise With Us | Mobile | Newsletters | RSS | Labs | Journalism Handbook | Archive | Site Index | Video Index Thomson Reuters Corporate: Copyright | Disclaimer | Privacy | Professional Products | Professional Products Support | About Thomson Reuters | Careers International Editions: Africa | Arabic | Argentina | Brazil | Canada | China | France | Germany | India | Italy | Japan | Latin America | Mexico | Russia | Spain | United Kingdom | United States Thomson Reuters is the world's largest international multimedia news agency, providing investing news, world news, business news, technology news, headline news, small business news, news alerts, personal finance, stock market, and mutual funds information available on Reuters.com, video, mobile, and interactive television platforms. Thomson Reuters journalists are subject to an Editorial Handbook which requires fair presentation and disclosure of relevant interests. 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