Financial Times FT.com

HP profit plunge dashes tech recovery hopes

By Joseph Menn in San Francisco

Published: August 18 2009 23:06 | Last updated: August 19 2009 00:37

An expected recovery in technology markets that could add to early indications that the world is heading out of recession has yet to take hold, according to figures released on Tuesday by Hewlett-Packard .

The group damped enthusiasm in the industry, announcing a 19 per cent drop in profit amid continued weakness in the European economy and a reluctance among corporate buyers to upgrade.

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