Hewlett-Packard has failed to meet expectations in its fourth quarter earnings.

HP reported net income of $922 million, or 41 cents per share excluding one-time items, for the quarter ending October 31, 2000. The consensus from fourteen analysts polled by First Call/Thomson Financial was that the company would post earnings of 52 cents per share.

Including one-time items, the company achieved earnings of 45 cents per share. This compares with earnings of 36 cents per share in the same quarter last year.

Carly Fiorina, the company's chairman, president and CEO, said: "We are very disappointed that we missed our growth target this quarter due to the confluence of a number of issues. I accept full responsibility for the shortfall."

HP reported net revenue of $13.3 billion for the fourth quarter, up 17 per cent from last year's $11.4 billion. Net revenue rose 15 per cent for the full fiscal year, to $48.8 billion from $42.3 billion.

For the full fiscal year, HP reported net income of $3.6 billion, or $1.73 per share.