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HP CFO Not Confident in Q4 Sales Forecast

HP CFO Not Confident in Q4 Sales Forecast

Cathie Lesjak, the chief financial officer of Hewlett-Packard, said during a recent conference call that the company was backing off of its initial fourth-quarter sales projections, despite confidence that its profit forecast would still be accurate.

According to MarketWatch, Lesjak said that the company's financial results were being impacted by slowing tech spending and mixed market conditions, particularly in Europe.

In August, HP had projected that its fourth-quarter revenue would be between $32.1 billion and $32.5 billion. Bloomberg analysts have said that number will likely hover near the lower end of that spectrum at $32.2 billion.

In addition to the adjustment of its forecast, the conference call noted that Meg Whitman had been tapped as the company's new chief executive officer, replacing Leo Apotheker, who was fired by HP's board of directors.

Reuters reports that Whitman had served as an HP director for approximately eight months at the time of her CEO appointment. Whitman is the former chief executive of eBay Inc., the news source said.