HP gloomy as demand dives

US high-tech electronics manufacturer Hewlett Packard (HP) said yesterday the slump in business and consumer spending continued to push down profits, warning it expects to see little growth this year. The group reported a 17 per cent profit fall to $1.7bn (£1bn) in the second quarter, down from a $2.1bn profit in the same period last year. The group said it is likely to slash its workforce by around two per cent, in a move that will lead to 6,400 jobs being cut.