All the latest UK technology news, reviews and analysis

HP posts $9bn loss as Meg Whitman calls for patience

23 Aug 2012
An HP logo

HP has posted another disappointing financial quarter, confirming losses of $8.9bn for the quarter, amid what the company said is an ongoing restructuring project.

The company on Wednesday posted a five per cent drop in revenues and a nine per cent drop in earnings per share. HP reported that revenues on the quarter were $29.7bn, while net earnings weighed in at $2bn on the quarter.

Chief executive Meg Whitman said that the sagging financial returns were due to a combination of economical and industry downturns as well as what Whitman described as poor "execution" by the company of its plans and goals.

Among the biggest losses for HP were in the PC space. The company estimated that PC revenues were down by some 10 percent over the same period last year. The drop in sales was similar to those posted by rival Dell.

"The reality is we were locked in serious competition battles," said Whitman, "but we are determined to win."

Whitman said that the company was planning a number of new devices, including dedicated PCs and tablets as well as hybrid notebook and tablet systems, to coincide with Microsoft's upcoming Windows 8 release.

The company is also looking to continue with a planned overhaul for its Enterprise Services division. Earlier this month the company announced that it would be restructuring its leadership for the division and taking an $8bn goodwill cut.

"Enterprise Services is in a multi-year turnaround and progress will not be linear," Whitman warned analysts.

"We will turn Enterprise Services around, but it will take some time."

  • Comment  
  • Tweet  
  • Google plus  
  • Facebook  
  • LinkedIn  
  • Stumble Upon  
Shaun Nichols

Shaun Nichols is the US correspondent for He has been with the company since 2006, originally joining as a news intern at the site's San Francisco offices.

More on Finance
What do you think?
blog comments powered by Disqus

Green IT poll

How important is it to your business that a cloud provider uses renewable energy like solar or wind to power their data centres?

Popular Threads

Powered by Disqus

Microsoft's Mike Schutz discusses the firm's cloud computing strategy [Video]

V3 interviews Microsoft general manager for Windows Server and Management, Mike Schutz, to find out why customers should adopt the Private Cloud

Updating your subscription status Loading

Get the latest news (daily or weekly) direct to your inbox with V3 newsletters.

newsletter sign-up button

Getting started with virtualisation

Virtualisation can help you reduce costs, improve application availability, and simplify IT
management. However, getting started can be challenging


Converting big data and analytics insights into results

Successful leaders are infusing analytics throughout their organisations to drive smarter decisions, enable faster actions and optimise outcomes

Network Engineer

x2 Network Engineer contract opportunities available...

VP - Operations Senior Analyst

Job Description An exciting opportunity has arisen for...

Service Manager - SM1

Job Summary Service Manager – SM1 Competitive...

Systems Administrator / Dev Ops

PayWizard develop and manage a subscriber management...
To send to more than one email address, simply separate each address with a comma.