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Hewlett-Packard Reports 17% Profit Loss
May 20, 2009
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Hewlett-Packard Co. said that is quarterly profit fell 17% for 2Q 2009. HP said it earned US$1.72 billion. Sales fell 3% to $27.4 billion.

HP says PC shipments stayed flat year-over-year, but revenue from PC shipments fell. Laptop revenue fell 13% to $4.7 billion, while desktop computer sales were down 24% to $3 billion. In HP's printer and printer-ink division, overall sales were down 23% to $5.9 billion. Within that, supplies revenue — which includes ink — fell 14%.

The company also said an additional 6400 workers, or 2% of its work force, will lose their jobs over the next year. The new cuts will come from HP's product businesses.

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