HP's bleak outlook as profit falls

Date:2011-11-23     Source:yangliangyuhanyue  Text Size:

HEWLETT-PACKARD Co was hurt in the latest quarter by declines in several of its key businesses and heavy restructuring charges, a sign of the challenges confronting new CEO Meg Whitman.

Net income fell 91 percent to US$239 million, or 12 US cents per share, in the quarter ending on October 31. That's down from US$2.54 billion, or US$1.10 per share, in the same period a year ago. Excluding items, HP earned US$1.17 per share. Analysts polled by FactSet expected US$1.13.

Revenue fell 3 percent to US$32.12 billion. Analysts expected US$32.05 billion.

Wall Street believes HP's outlook leaves something to be desired. Whitman faces a real test as she attempts to pull together a conglomerate beset by growing pains and managerial strife. She is HP's third CEO in a year and a half.

HP is the world's largest information technology company by revenue.

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