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HPâ€™s profit decreases by 10 times

HPâ€™s profit decreases by 10 times

22 November 2011 10:49 (UTC +04:00)

Baku - APA-Economics. 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, Washington Post reported.

Net income plunged 91 percent to $239 million, or 12 cents per share, in the quarter ended Oct. 31. Thatâ€™s down from $2.54 billion, or $1.10 per share, in the same period a year ago.

Excluding items, HP earned $1.17 per share. Analysts polled by FactSet expected $1.13 on that basis.

Meanwhile, revenue fell 3 percent to $32.12 billion. Analysts expected $32.05 billion.

HP shares fell 26 cents, or less than 1 percent, to $26.60 in extended trading, after the results were reported. In Mondayâ€™s regular trading session, the stock fell $1.13, or 4 percent, to $26.86.

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