“Hewlett-Packard Co. is expecting earnings to fall by more than 10 percent next year as CEO Meg Whitman struggles to fix a wide range of problems in a weakening economy,” The Associated Press reports. “Whitman delivered the disappointing forecast Wednesday at a meeting that the ailing Silicon Valley pioneer held for analysts and investors. The gathering gave Whitman the opportunity to persuade investors that she has come up with a compelling strategy for turning around HP one year after being named CEO.”
“She said she inherited a bloated company that hasn’t been innovating quickly enough in any of its divisions, which span from personal computers and printers to software and data storage,” AP reports. “The headaches are so severe that Whitman believes HP’s revenue growth might not accelerate again until 2015. ‘It is going to take longer to right this ship than any of us would like,’ Whitman said.”
AP reports, “In an effort to maintain its profits, HP is in the process of eliminating 29,000 jobs through employee buyouts, attrition and layoffs.”
Read more in the full article here.
[Thanks to MacDailyNews Reader “Lynn Weiler” for the heads up.]