Hewlett-Packard's profits plummet. In the fourth quarter, due to a decline in sales, the Californian IT giant recorded a drop of even 91% compared to the same period last year: from $2,54 billion ($1,10 per share) to $239 million (12 cents per share). During the same period, revenue fell 3 percent to $32,1 billion from $33,3 billion in the fourth quarter of 2010.
HP "must go back to basics," commented the new CEO, Meg Whitman (ex-eBay). The company also has reduced his predictions for fiscal year 2012 from $4,53 per share to "at least $4." Chief Operating Officer Cathie Lesjak said the company "is being cautious, but she remains dedicated to not disappointing earnings forecasts and increasing shareholder value."
