HP revenues to stabilize according to CEO

By Marc Castro

Oct 10, 2013 09:33 AM EDT

Share values of Hewlett-Packard Co climbed the most since May 2013 after its CEO Meg Whitman had promised to return more cash to its investors. She also said that sales are stabilizing after a two year drop off.

The share prices jumped 8.9% to USD22.60 per share at yesterday's close in New York trading. The lowest value for the shares in a decade was reached back in November 2012. Since then, HP share values have increased nearly 60% for 2013.

The HP CEO made these remarks during an analysts meeting held in San Jose, California. She said, "I've got real confidence that we're headed in the right direction and we will turn this thing around."

Whitman is entering the third year of her leadership and she had contended with declining sales due to slackening demand for personal computers. There is also an increased competition in the business technology industry. Many analysts projected a 3% drop in sales for 2014 to a value of USD107.6 billion. This was confirmed by data collated by Bloomberg, to which Whitman said her expectations would be that revenue would stabilize.

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