HP promises 'innovations' while profit declines 16% year-on-year
AFPSAN FRANCISCO -- Hewlett-Packard, the troubled but biggest maker of personal computers, on Thursday promised “disruptive innovations” after seeing its profit slip in the past quarter.
February 23, 2013, 12:01 am TWN
HP said Thursday its net profit for its first fiscal quarter ending Jan. 31 declined 16 percent from the same period a year ago to US$1.2 billion. But it also marked a rebound from the prior quarter's US$6.9 billion loss stemming from a massive write-down in the value of a British company accused of “serious accounting improprieties.”
The most recent quarterly results were better than expected, amounting to a profit of 82 cents a share, and revenues also beat forecast despite a 6-percent drop to US$28.4 billion.
HP, which has been struggling amid a consumer shift away from PCs to tablets and other devices, is in the middle of a major restructuring program expected to trim some 29,000 jobs.