HP Sees 1999 Sales Growth of 8% to 10%

Hewlett-Packard Co. said it expects fiscal 1999 sales to grow 8% to 10%, slightly higher than analysts expected. The world’s third-largest computer maker made the forecast at its semiannual analysts’ meeting at its Palo Alto headquarters. HP has struggled with slowing sales growth, forcing it to slash expenses, freeze hiring and offer separation packages to staff. HP said last month that its first-quarter earnings would be lower and sales would be up in the “mid-single digits” from the $11.8 billion reported in the first quarter of 1998. In its fiscal year ended Oct. 31, HP’s sales increased 9.7% to $47.1 billion. HP shares rose $1.19 to close at $63.38 on the New York Stock Exchange.