Hewlett-Packard has posted a swingeing quarterly loss of $8.9bn after a gigantic writeoff of value of its services division, as it struggles to cope with falling revenues in other core areas including PCs and printing. Chief executive Meg Whitman warned that “we are still in the early stages of a turnaround” as she told analysts that it will be a long slog to return the Silicon Valley pioneer to growth. The company’s stock sank by 5% in after-hours trading. HP had indicated earlier in August that it would take an $8bn charge against the shrinking value of its 2008 acquisition of services company, Electronic Data Systems. Read the full story at The Guardian.
About Shelly Palmer
Shelly Palmer is the Professor of Advanced Media in Residence at Syracuse University’s S.I. Newhouse School of Public Communications and CEO of The Palmer Group, a consulting practice that helps Fortune 500 companies with technology, media and marketing. Named LinkedIn’s “Top Voice in Technology,” he covers tech and business for Good Day New York, is a regular commentator on CNN and writes a popular daily business blog. He's a bestselling author, and the creator of the popular, free online course, Generative AI for Execs. Follow @shellypalmer or visit shellypalmer.com.