“Hewlett-Packard (HPQ) this afternoon reported fiscal Q2 revenue and profit per share ahead of analysts’ expectations and said it would lay off nearly 10% of its workforce, and forecast this year’s earnings per share above consensus,” Tiernan Ray reports for Barron’s. “Revenue in the three months ended in April fell to $30.7 billion, yielding EPS of 98 cents. Analysts had been modeling $29.93 billion and 91 cents a share.”
“For the current quarter, the company sees EPS of 94 cents to 97 cents, below the average estimate of $1.02 per share,” Ray reports. “The company said in a separate release that it has begun a ‘multi-year restructuring’ effort to ‘fuel innovation’ that will entail the laying off of ‘approximately 27,000 employees,’ or 8% of its workforce.”
Ray reports, “HP’s Personal Systems Group, which houses its PC business, saw zero revenue growth, year over year, and had a 5.5% operating profit margin, HP said.”
Read more in the full article here.
MacDailyNews Take: As we wrote this morning: Good luck to all those affected at a once-great (long ago) company. May you someday find a company where you can really “invent.”