Hewlett-Packard to Cut $1 Billion in Costs for 2009 After Posting Solid Finish to "Record Year"

SUGAR LAND--November 26, 2008--Researched by Industrial Info Resources (Sugar Land, Texas)--Hewlett-Packard Company (NYSE:HPQ) (Palo Alto, California) has reported a fourth-quarter profit of $2.11 billion on $33.6 billion in revenue, compared with a $2.16 billion profit in the same quarter last year. For the full fiscal year, the company posted revenues of $118.36 billion, up 13.5% compared with 2007, for a "record year," Chief Financial Officer Cathie Lesjak said. But in regard to costs, she said the company plans to cut $1 billion in spending in 2009 in light of the current economic climate.