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HP quarterly profit plunges 90 per cent

HP's net revenue for the quarter reached $32.1 billion, down 3 per cent year-on-year. Excluding one-time items, HP earned $1.17 per share, which topped estimates of analysts.

twitter-logo IANS   San Francisco     Last Updated: November 22, 2011  | 13:03 IST

Hewlett-Packard Co (HP) has reported that its profit in the most recent quarter fell more than 90 per cent with sales also declining.

In the company's fourth quarter ended October 31, the company on Monday posted net earnings of $239 million, compared with $2.54 billion in the same period a year earlier, reported Xinhua.

HP's net revenue for the quarter reached $32.1 billion, down 3 per cent year-on-year. Excluding one-time items, HP earned $1.17 per share, which topped estimates of analysts.

It was the first earnings report since Meg Whitman took over as chief executive officer (CEO) of the information technology giant September 22, replacing Leo Apotheker.

"HP has a great opportunity to build on our strong hardware, software, and services franchises with leading market positions, customer relationships, and intellectual property," Whitman said in a statement after the earnings announcement.

"We need to get back to the business fundamentals in fiscal 2012, including making prudent investments in the business and driving more consistent execution," she added.

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