HP Woes: Is Perception Worse Than Reality?
June 04, 2012: LAS VEGAS–Hewlett-Packard’s annual event, HP Discover, kicks off today on the heels of a tumultuous year: The world’s largest IT vendor is facing its biggest downsizing ever, following strategic flip-flops, management musical chairs and concerns about its future.
Less than two weeks ago, the company announced a multiyear restructuring plan to shave between $3 billion to $3.5 billion in expenses by fiscal year 2014, including reducing its payroll by approximately 27,000 employees, or 8% of its workforce. While HP’s latest financial results showed better earnings per share than expected, there were a number of red flags, including a 10% decline in printing and imaging revenue. PC unit revenue rose only 0.4%.
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