HP's third quarter results are, well, not good. The company is "still in the early stages of a multi-year turnaround," CEO Meg Whitman says.
HP saw revenue declines in four of its six units due to economic "headwinds" and ongoing restructuring efforts, the company said. Oh, and it also reported an $8.9 billion net loss for the third quarter.
In other words, HP is "still in the early stages of a multi-year turnaround," said HP CEO Meg Whitman.
HP's third quarter results came in largely as expected. HP telegraphed that it would take hefty charges related to its enterprise services unit.
Meanwhile, HP cut its fiscal 2012 outlook. The company said its non-GAAP earnings would be $4.05 a share to $4.07 a share. Wall Street was expecting $4.07 a share for the year. HP also sees GAAP losses of $2.23 a share to $2.25 a share for the year.
The stat lines for HP largely show third quarter revenue declines across the board. To wit:
For the third quarter, HP reported a net loss of $8.9 billion, or $4.49 a share, on revenue of $29.7 billion, down 5 percent from a year ago. The loss is attributed to a goodwill charge related to the services unit and restructuring.
Excluding those charges---which totaled $10.8 billion---HP would have earned $1 a share. Those results were in line with the company's preannouncement.
HP reiterated that its plans were to restructure, manage costs closely and deliver on strategic changes all while improving the company's balance sheet.
By the numbers:
This item first appeared on ZDNet's Between the Lines blog under the headline "HP's Q3: Revenue declines plague units; Outlook lowered."