HP posted numbers Wednesday for what was the worst financial quarter in the company’s long history. It reported an $8.86 billion loss for its third fiscal quarter, which ended July 31. In the last three months, it took in a net revenue of $29.7 billion, down 5 percent year over year and down 2 percent when adjusted for the effects of currency. The news did not come as a complete shock to the market; earlier this month, HP announced it would be taking an $8 billion “goodwill charge,” or write-down, related to its purchase of EDS years ago.
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HP Bleeds Billions in Q3 Due to Whopping Write-Down
Posted by: Erika Morphy August 23, 2012 09:19 AMHP posted numbers Wednesday for what was the worst financial quarter in the company’s long history. It reported an $8.86 billion loss for its third fiscal quarter, which ended July 31. In the last three months, it took in a net revenue of $29.7 billion, down 5 percent year over year and down 2 percent when adjusted for the effects of currency. The news did not come as a complete shock to the market; earlier this month, HP announced it would be taking an $8 billion “goodwill charge,” or write-down, related to its purchase of EDS years ago.