HP sales boost as restructuring costs bite

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HP sales boost as restructuring costs bite

Antony Savvas

HP reported a 10% increase in sales for the third quarter, and said it would spend $900m (£530m) on redundancy costs in the final quarter.

HP recently announced it was axing 14,500 jobs, or 10% of its workforce, in an attempt to improve its financial performance.

For the third quarter, HP said sales reached $20.8bn (£12.23bn), although net profits crashed by 88% as a result of HP taking a $988m tax adjustment charge.

“We executed well in the third quarter with double-digit revenue growth, solid margin improvements in key segments and strong cash flow,” said Mark Hurd, HP chief executive officer.

“I'm encouraged by what we have achieved to date, and we are focused on driving further performance improvements,” said Hurd.


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