HP Losses Continue to Mount
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HP reported its third quarter fiscal 2012 earnings late Wednesday, including a massive $8.9 billion dollar net earnings loss.
For the quarter, HP reported net revenue of $29.7 billion, for a 5 percent year-over-year decline. HP's decline is due to a number of factors, including a challenging macro-economic climate and a slowing PC business. Despite the challenges, CEO Meg Whitman pledged during the company's earnings call that she is still on track to improving her company's fortunes.
"Make no mistake about it, we're still in the early stages of a turnaround," Whitman said. "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."
HP's revenue decline was actually deeper in the third quarter than it was in the second quarter of this year, when HP reported a 3 percent year-over-year decline in revenue.
"When you look at our performance during the quarter, there were things that we did well, and there were things that we could have done better," Whitman said.
One particular area of weakness is HP's Enterprise Services (ES) business. Within that unit, Enterprise Servers, Storage and Networking reported revenue of $5.1 billion, for a 4 percent year-over-year decline