India News and Travel Times Provides India-centric and other News and Features

Technology firm Hewlett-Packard has announced a quarterly loss of 8.9 billion dollars. The US-based computer firm was forced to write down the value of some assets, mostly related to its purchase of Electronic Data Systems, which it bought in 2008. The company also had to absorb some sizeable restructuring costs, as it looks to cut some 27,000 jobs, or eight percent of its global workforce, by 2014, the BBC reports. HP's chief executive Meg Whitman said that the firm's net revenue in the third quarter fell by five percent to 29.7 billion dollars. She said the firm is undergoing a multi-year restructuring, and has asked investors to be patient while this was being carried out. "HP is still in the early stages of a multi-year turnaround, and we're making decent progress despite the headwinds," the report quoted Whitman, as saying. "During the quarter we took important steps to focus on strategic priorities, manage costs, drive needed organizational change, and improve the balance sheet," she added.

Hewlett-Packard posts $8.9 b loss