Andre Yoskowitz
22 Aug 2012 23:22
HP has posted a massive $8.9 billion quarterly loss, following another quarter of slowing PC sales.
Most of the loss, however, comes via a write-down of the company's failed $14 billion purchase of Electronic Data Systems Corp.
The company is the world's top PC maker, employing over 300,000. The company is currently working through a multi-year restructuring in which they will slash 8 percent of the workforce.
Adds Meg Whitman: "We are still in the early stage of the turnaround. There will be challenges ahead that could create some variability in performance. But I'm confident in our ability to work through them and get to where we want to be."
Overall, revenue fell to $29.7 billion, down from $31.2 billion year-over-year. Profits remained decent, but the company took a $10.8 billion loss on the EDS purchase.