HP Reports $8.9 Billion Loss For Q3
Hewlett Packard has reported an $8.9 billion loss in Q3 due to $10.8 billion in write-downs for acquisitions and restructuring. Revenues dropped 5% to $29.7 billion year-over-year. HP earned $2 billion ($1 per share) for the three months ended in July. HP lowered the high end of their full-year guidance from $4.07 to $4.05 per share.
“HP is still in the early stages of a multi-year turnaround, and we’re making decent progress despite the headwinds,” stated HP CEO Meg Whitman. “During the quarter we took important steps to focus on strategic priorities, manage costs, drive needed organizational change, and improve the balance sheet. We continue to deliver on what we say we will do.”This article was written by Amit Chowdhry. You can follow me at @amitchowdhry or on Google+ at +AmitChowdhry