HP Stock and Earnings Drop; Whitman Looks to the Future

By Bizclik Editor

 

It’s not often that a company can put a positive spin on a 90.58 percent plunge in profit, but in the case of Hewlett-Packard, things could be worse.

The company reported Monday that its fourth fiscal quarter revenue dropped to $32.3 billion, yielding EPS of $1.17, which is actually ahead of the analyst average of $32.05 billion and $1.13 per share.

Although it beat the odds, in all, 2011 has been a tough year for Hewlett-Packard.

Meg Whitman took over as chief executive in September, after HP abruptly dropped Leo Apotheker, whose 10-month stint led to the $10 million dollar purchase of British software company Autonomy and a 45 percent drop in stock.

See Related Stories from Business Review USA:

Meg Whitman Takes Over as New HP CEO

Meg Whitman to Join Zaarly Board of Directors

American Execs React to Meg Whitman as HP CEO

Hewlett-Packard Executive Team Stirs up Again

Under Whitman’s watch, HP’s stock rose by nearly 25 percent before Tuesday’s fall.

After delivering the news, Whitman expressed a positive outlook on Hewlett Packard’s future.

“This company has been through a lot,” Whitman said. “We’ve got some rebuilding to do. What this company has been through would have felled lesser companies.”

During a conference call with analysts, Whitman added, “we didn’t live up to our expectations in 2011. We need to get back to doing what we do really well, being the reliable, trusted partner with whom our customers want to work, and delivering the reliable, consistent results that all of you can count on.”

Share

Featured Articles

DEI done right: Brook Sims, COO, MAC Diversity Recruiters

Passionate about helping others find their voice, diversity leader and COO Brook Sims talks powerful leadership, diverse teams and being a change agent

Q&A: China’s ecommerce innovator Jeff Li, CEO of Shoplazza

Named in Fortune China’s 40 under 40 for 2022, former Baidu head Jeff Li is the entrepreneurial founder and CEO of ecommerce platform Shoplazza

How hybrid work is revolutionising the physical office

As hybrid work models roll out worldwide, the purpose of the office is changing with collaboration, connection and networking taking centre stage

Trailblazer: Shanique Bonelli-Moore, DEI chief at Clorox

Sustainability

Dean Forbes – the Forterro CEO aiming for the moon

Leadership & Strategy

Why becoming a B Corp is good for business

Sustainability