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"As expected, Hewlett-Packard reported a $8.9 billion loss in its third quarter, as the company recorded $10.8 billion in write-downs for acquisitions and restructuring costs.\nRevenues declined 5% to $29.7 billion year-over-year. The computer giant earned $2 billion, or $1.00 per share, for three months ending in July.\nThe company slightly lowered the high end of its full-year guidance from $4.07 per share to $4.05 per share.\n\"HP is still in the early stages of a multi-year turnaround, and we're making decent progress despite the headwinds,\" Meg Whitman, HP president and CEO, said in an earnings release. \"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.\"\nHP announced its plans to merge its PC and printer businesses into one subdivision in March. The company merged a number of smaller divisions as well, all part of an effort to create a leaner management structure. In May, HP said it would along be laying off 27,000 of its employees, or about 8% of its workforce, over the next 18 months.\nAlthough software revenue was up 18% for the quarter, its PC division saw a 10% decline in sales. Like Dell, HP is suffering from stagnating PC sales as consumers embrace mobile computing."^^<http://www.w3.org/2001/XMLSchema#string>
<http://mashable.com/2012/08/22/hp-q3-2013-earnings/>