AfterDawn: News

HP posts massive loss

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.

Written by: Andre Yoskowitz @ 22 Aug 2012 23:22

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• 4 comments

• KillerBug

  Years of terrible products and terrible support are finally catching up with them. The tech crowd gave up on HP PCs for the terrible quality long ago, and gave up on the printers for terrible quality, drivers, and ink/toner prices...but now the general public seems to be getting there too. A basic printer driver should not be 500MB, a $80 set of ink cartridges should last more than 50 pages, and a laptop battery should last more than 6 months.
  
  Almost a shame...I've gotten so many free bits and pieces because of HP quality over the years...the LCDs from their printers are actually really nice. Heck, even my laptop was free...I had to rebuild it and fabricate a couple of parts that HP forgot to make when they built it to begin with, but since then it works well for something that was free.
  

  
  

  23.8.2012 00:38 #1

• dp70

  I am not surprised with HP losses. My last all in one prn died after 140 pages printed and 13 months later, one month after warranty expired. The quality of their products is nil. I have stopped selling HP products, and replaced my dead HP with Cannon.
  
  The only guy who made out on EDS was H.Ross Perot,when he sold out to GM.

  23.8.2012 05:14 #2

• jeff_2

  I just got a job with HP.....FML
  

  Due to copyright issues I am sorry to say I am no longer Batman : (

  23.8.2012 14:46 #3

• Ripper

  Quote:HP posts massive loss Shocking.
  
  Quote:and a laptop battery should last more than 6 months. Tell me about it.
  

  
  

  24.8.2012 06:23 #4