HP’s outlook disappoints, shares drop to nine-year low

BLEAK OUTLOOK: A logo of HP is seen outside Hewlett-Packard Belgian headquarters in this Jan 12, 2010 file photo. Shares of HP tumbled 13% on Wednesday in the biggest single-day decline since August 2011 after its CEO Whitman warned investors of an unexpectedly steep earnings slide in 2013. - Reuters

SAN FRANCISCO: Hewlett-Packard Co’s shares plunged to a nine-year low after chief executive Meg Whitman warned of an unexpectedly steep earnings slide in 2013, with revenue set to fall in every business division except software.

Wall Street had hoped for quicker signs of progress on Whitman’s turnaround plan, which centres on transforming the former industry powerhouse into an enterprise computing corporation that can take on IBM Corp and Dell Inc.