Suffering their worst financial loss in their 73 years of existence, Hewlett-Packard reportedly lost $8.9 billion in its third fiscal quarter. The management has warned the company could struggle in the coming year 2013 as well. In a statement issued by HP CEO Meg Whitman on Wednesday, said, "HP is still in the early stages of a multi-year turnaround, and we're making decent progress despite the headwinds. 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."
The revenue for HP's third quarter was $29.7 billion, 5 percent less than its revenue in 2011, which was $31.2 billion, and a whopping EPS hit of $4.49 to investors. Except the Software unit of the company, all other sales declined. The Software unit saw revenue growth of 18 percent and revenue in the PC business dropped 10 percent and a 3 percent drop was seen in printers in comparison to last year's results. Speaking in an interview about the company results that came out on Wednesday, Whitman said, "This is a big ship to turn. I feel pressure every day. We have to turn around the sales trajectory on our products. We are making money. Personal computing is not dead. Printing is not in decline across the board."