Profits down 17 percent
HP has released dismal quarterly results and announced it plans to layoff 6,400 workers.
The company's profit dropped 17 percent to $1.72 billion, while sales
were down 3 percent to $27.4 billion. The drop stems from a decline in
demand for PCs and expensive printer ink. Revenue in the PC segment
dropped 19 percent to $8.2 billion, although HP managed to grab some
market share from Dell.
HP has also announced it would be cutting about 2 percent of its
workforce. HP's global staff is estimated at 321,000, and some 6,400
souls will be affected under the plan.
More here.
