HP has posted its first financial results since it axed
chief executive officer Carly Fiorina earlier this month, and is
planning more job cuts as a result of poor profits
performance.
While HP said sales were up 10% to £11.94bn for the first
quarter ending 31 January, profit remained stagnant at £700m after
taking into account a multimillion-dollar patent settlement with
Intergraph during the quarter.
HP said it was pleased with overall sales growth but would act
to boost its bottom line.
During the second quarter of last year, HP cut more than 600
jobs. The company now says many more jobs will go in the coming
months to slash costs, although it would not put a figure on the
cull.
Robert Wayman, HP chief financial officer and acting chief
executive officer, said, "While we continue to make progress in
growing our top line, there is work to be done to improve our
profitability.
"As the board conducts a CEO search, our management team is
focused on driving improved execution to serve our customers,
strengthen our competitiveness and improve shareholder value."