HP sales boost as restructuring costs

News

HP sales boost as restructuring costs

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.
                       

 

 


Email Alerts

Register now to receive ComputerWeekly.com IT-related news, guides and more, delivered to your inbox.
By submitting you agree to receive email from TechTarget and its partners. If you reside outside of the United States, you consent to having your personal data transferred to and processed in the United States. Privacy
 

COMMENTS powered by Disqus  //  Commenting policy