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HP wields axe following Q2 results

HP has announced plans to cut another two per cent of its workforce after

registering a 17 per cent drop in quarterly net profit.

The technology one-stop-shop saw net profit for its fiscal second quarter to

30 April fall to $1.7bn (£1.1bn), compared with $2.1bn a year earlier.

Revenue slipped three per cent to $27.4bn as sales in every major product

group outside of services plunged by double digits.

Enterprise Storage and Servers (ESS) was the worst hit, reporting a 28 per

cent decline in revenue to $3.5bn. Personal System Group (PSG) revenue fell 19

per cent, HP Software sales by 15 per cent and Imaging and Printing sales by 23

per cent.

HP Services provided one bright spot in the quarter as group revenues rose 99

per cent on the back of HP’s recent acquisition of EDS.

HP chief executive Mark Hurd said: “Our services business continued to

deliver strong profitability with an increased deal pipeline and the EDS

integration tracking ahead of schedule.”

The technology mammoth revealed in an accompanying conference call that it

plans to cut a further two per cent of its headcount – equating to more than

6,000 jobs. This comes

on

top of the 24,600 posts HP is in the process of axing in relation to the EDS

acquisition.

During the quarter, HP harvested $10.6bn in sales from EMEA – down 11 per

cent in dollar terms and two per cent in local currencies.

The giant added that it expects full-year 2009 revenues to fall by around

four to five per cent.

Taken from here

Categories
Software
Personal Accountz

Control your personal finances easily Having a program to review your personal finances is a good idea, especially in a recession. Despite the rather silly spelling of its name, Personal Accountz can be used to track bank accounts, loans, credit cards Read more

Review: System Mechanic 9.5

A neat way to streamline and optimise an ageing PC We've all experienced the scenario before: a computer is getting a bit long in the tooth and becomes sluggish, less responsive and seemingly cluttered full of processes and applications that are far frRead more

Corel Paintshop Photo Pro X3

A powerful update to Corel’s veteran photo-editor Paintshop is Corel’s main, long-standing photo-editing software for home users. The company also has a new, cheaper Digital Studio (at £59) which provides basic tools for editing both photos and viRead more