HPs Fourth Quarter Revenue Falls By 7 Percent

2012-11-23 09:50:42

Published on 2012-11-23 09:50:42

Ink company HP has announced that its revenue for the fourth quarter of 2012 fell by seven per cent in comparison to the same time last year.

It now stands at $30 billion (£18.5 billion), while the company also recorded a GAAP net income loss of $6.9 billion, which equates to $3.49 per share.

A lot of the bad results have arrived as a result of a $8.8 billion write-down for the $11.1 billion Autonomy acquisition, which occurred due to accounting fraud.

HP chief executive Meg Whitman said: "As we discussed during our Securities Analyst Meeting last month, fiscal 2012 was the first year in a multi-year journey to turn HP around. We're starting to see progress in key areas, such as new product releases and customer wins."

Recently, Ms Whitman explained that a full turnaround of HP's fortunes should not be expected until 2016.

She noted that she expects revenue to increase in line with US gross domestic product by the year.

Posted by Barry Ashmore.

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