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HP Reports Profit Loss, to Cut Salaries
Feb 19, 2009
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Hewlett-Packard Co.'s quarterly profit dropped 13%, and sales increased just 1% for the three months that ended Jan. 31. HP reported sales of US$28.8 billion for the quarter. Sales in the personal computer division fell 19% to $8.8 billion. The printer and ink division, which contributes more than 40% of HP's operating profit, reported a 19% sales loss, to $6 billion. That includes a 7% decline in supplies.

HP also said it will cut employees' pay to save money. Chief Executive Mark Hurd's base pay will fall by 20%, other executives will see their pay decline by as much as 15%, while pay for other employees will decline by as much as 5%. The company says employees will get the money back in the form of bonuses if HP performs well in the future.

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