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HPQ down 12% in AH after warning

Hewlett-Packard beats by $0.07, misses on revs; guides Q2 EPS, revs below consensus; raises FY11 EPS in-line, lowers revs below consensus (48.23 -0.44) : Reports Q1 (Jan) earnings of $1.36 per share, excluding non-recurring items, $0.07 better than the Thomson Reuters consensus of $1.29; revenues rose 936.3% year/year to $32.3 bln vs the $32.95 bln consensus. Co issues downside guidance for Q2, sees EPS of $1.19-1.21, excluding non-recurring items, vs. $1.25 Thomson Reuters consensus; sees Q2 revs of $31.4-31.6 bln vs. $32.59 bln Thomson Reuters consensus. Co issues mixed guidance for FY11, raises EPS to $5.20-5.28, excluding non-recurring items, from $5.16-5.26 vs. $5.24 Thomson Reuters consensus; lowers FY11 rev to $130-131.5 bln from $132-133.5 bln vs. $132.95 bln Thomson Reuters consensus. Q1 non-GAAP operating margin of 12.4% vs 11.7% Thomson Reuters consensus. HP saw balanced growth in the first quarter across all regions in local currency, with accelerated growth in BRIC countries. Results were largely driven by momentum in the commercial sector as businesses continued to spend on technology. HP experienced uneven consumer performance across its geographies and product categories during the quarter. First quarter revenue was up 6% in the Americas to $14.4 billion. Revenue was flat in Europe, the Middle East and Africa and up 7% in Asia Pacific to $12.1 billion and $5.8 billion, respectively. When adjusted for the effects of currency, revenue was up 5% in the Americas, up 4% in Europe, the Middle East and Africa and up 2% in Asia Pacific. Revenue from outside of the United States in the first quarter accounted for 65% of total HP revenue, with revenue in the BRIC countries increasing 11% while accounting for 11% of total HP revenue.

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