But CEO Meg Whitman tells investors the software maker is entering 2015 with the "strongest portfolio" in a decade.
Hidden amid Hewlett-Packard's second-quarter report is news that up to 16,000 more jobs are on the chopping block.
The PC business didn't suck nearly as bad as feared, and Hewlett-Packard's first quarter benefits. The company sees strong enterprise demand for PCs as Windows XP systems are tossed.
CEO Meg Whitman is consolidating the marketing and communications groups, among other movements in the C-suite.
Todd Bradley steps down from HP's PC and printer unit to be replaced by Dion Weisler, a former Lenovo and Acer executive. HP is hoping the two can form an executive tag team to tackle China and Lenovo.
Hewlett-Packard turns over its board as investors are still seething over the Autonomy acquisition debacle.
CEO Meg Whitman notes that HP "still has a lot of work to do to generate the kind of growth we want to see," but "we expect the benefits from our restructuring will accelerate through fiscal 2013."
Intel-based Windows 8 tablets and hybrids from the world's two largest PC vendors, Lenovo and Hewlett-Packard, have been experiencing delays.
The company says it discovered evidence of bookkeeping manipulation at Autonomy prior to HP's multi-billion dollar acquisition of the software company.
commentary More of the same from a company that was once an American icon and symbol of Silicon Valley excellence. This is getting old.