OEM releases third quarter results, reporting a net income of $1.39 billion and revenue of $27.2 billion.
New York Times reports that HP’s third quarter results met Wall Street expectations, with revenue falling eight percent year-on-year from $29.7 billion (€22.2 billion) to $27.2 billion (€20.4 billion), and a net income of $1.39 billion (€1.04 billion) or 71 cents a share, slightly below estimates of 86 cents a share.
HP CEO Meg Whitman has commented that she feels the company is “making progress in our turnaround” adding that it is “already seeing significant improvement in our operations”.
Results a year ago saw the OEM report a loss of $8.9 billion (€6.6 billion) “based on a write-down of various assets”, although excluding this, posted profit of 98 cents per share. HP, like other OEMs, has struggled over the past few years with weakening consumer demand.
Whitman has also reportedly appointed current head of HP’s unit selling servers, networking equipment and data storage business, David Donatelli, to a new role identifying potential acquisitions; and also recently replaced the company’s head of marketing, as well as the head of its PC business.