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Hewlett-Packard Posts $9 Billion Dollar Quarterly Loss - Analysts predict complete sell-off of company within 12 months.
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SAN FRANCISCO (AP) — Hewlett-Packard absorbed the largest quarterly loss in its history as the Silicon Valley pioneer owned up to past mistakes that have left it scrambling to adapt to a shifting technology market.
The loss of $8.9 billion announced Wednesday didn’t come as a surprise. HP telegraphed the news earlier this month when it disclosed plans to take an $8 billion charge to reflect the shrinking value of Electronic Data Systems, a technology consulting service it bought for $13 billion in 2008.
It represented another mortifying setback for a 73-year-old company that once had the reputation for being a fountain of innovation —and a great place to work, to boot. Now, HP is struggling to reverse perceptions that it’s becoming a technological dinosaur bogged down in bureaucracy as it slashes its work force to help offset a downturn in revenue.
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