Flat profits trigger new jobs axe at HP

HP has posted its first financial results since it axed chief executive officer Carly Fiorina earlier this month, and is planning...

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."

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