Thursday 23 August 2012
HP reports $8.9B Q3 loss on writedowns, weak sales, lowers full-year forecast
Hewlett-Packard on Wednesday announced a $8.9 billion loss for its third quarter ended July 31 due to writedowns and weak hardware sales and also said full-year results would be at the low end of its previous guidance. Earlier this month, HP said it would take an $8 billion "impairment of goodwill" writedown against its services division. "Goodwill" refers to less tangible assets, such as brand strength, that are considered when figuring out a company's total value. HP's $13.9 billion acquisition of services provider EDS has been roundly criticized as too costly.
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