Posted on Tuesday, November 22nd, 2011 at 4:34 pm.
Hewlett-Packard Co., HP, reported a 90 percent loss in profits for their fourth quarter. The quarter, which ended October 31, 2011, showed a net profit of $239 million.
Last year in 2010, the fourth quarter net profit for the technology company was calculated at $2.53 billion. The new CEO of the company has only been in charge for the last two months after the former CEO resigned but she is hopeful that the company can get back on track financially.
The main reason for the drastic decrease in profits is poor computer sales. HP’s net revenue for Q4 was down three percent from last year with $32.1 billion recorded. Net income also decreased during the 2011 fiscal year, with an ending value of $7.07 billion.
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