Business Notes
Staff -- TWICE, 6/11/2001
HP Warns of Increased Global IT Spending Downturn
PALO ALTO, CALIF. — Hewlett-Packard has raised the caution flag once again, warning that the slowdown in information technology spending has reached global proportions, extending beyond the United States and Europe to Asia and Latin America. The computer maker reported softness in May sales in all regions of both consumer and enterprise markets, and seeing this, it is now more cautious regarding its revenue guidance of flat to down 5 percent for the fiscal third quarter ending July 31. "May was softer than expected, and we are now addressing what is clearly becoming a global slowdown," said Carly Fiorina, chairman/CEO.
Audiovox to Mark Down Analog Phones, Take Q2 Charge
HAUPPAUGE, N.Y. — Cellular telephone and consumer electronics products supplier Audiovox will mark down its remaining analog phone inventory, except for its specialized fixed-base cellular products, which are currently being sold to customers in Latin America. The company said the markdown will result in an estimated pre-tax charge of about $13.5 million in its fiscal second quarter, ended May 31.
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