Hewlett-Packard Chief Sees "Decent Progress" Amid $8.9 Billion Quarterly Loss

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Opterongeek

HP is known as the "King of layoffs" in Colorado Springs. If you get a job offer from them, you wonder if you'll make it 3 months or 6 before they decide to cut your department.

I have no pity for the company any more. If you can't learn how to be profitable AND keep your bottom line, then I don't really have any interest in doing business with you anywhere else.

I turn down job offers from HP.

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wolfing

what does it mean 'write off $8 billion'? They bought EDS for 13 billion and wrote off $8 billion, so they what, only recovered 5 of those 13 and no hope of recovering any more?
Talk about bad acquisitions, yikes.

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tekknyne

"During the quarter we took important steps to focus on strategic priorities, manage costs, drive needed organizational change, and improve the balance sheet. We continue to deliver on what we say we will do."

Notice how he didn't use any concrete language there. Just pseudo-wanna-be-intellectual business jargon. In other words, HP is fukt.

If these businesses haven't figured it out yet, they're bound by the same insane set of rules (see fractional reserve lending) that us civilians are. The only winners here are the banks and their money-junkie masters.

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John Pombrio

Paul, You REALLY should have mentioned early on or in the title that 95% of this "loss" was a one time write-down. Changes the whole article.

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big_montana

HP still suffered close to a $1 billion loss when you remove the charge for EDS. So what positives are there in the financials? That HP can soon gloat about being #2 as Lenovo is soon to roar past them to #1 as the leading PC manufacturer and seller (not bad for a company that was #5 a little over a year ago? Maybe HP can learn from them.)

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tekknyne

One-time write-down of what?

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John Pombrio

Last line of the article (should ave been the 1st line). Bought expensive company several years ago for $13 billion, now find the company is really only worth $5 billion so did a good-will writeoff of $8 billion.

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