HP profit slides 13% as split nears
Hewlett-Packard has reported another quarter of declining profits and revenue, with its massive corporate split now less than three months away.
Revenue for the quarter ended July 31 dropped 8 percent to $25.3 billion, while profit was down 13 percent to $854 million, HP announced Thursday.
It’s the sixteenth quarter in a row that HP’s revenue has declined, as the company continues to battle an ongoing shift from PCs to tablets and smartphones, and from on-premise IT equipment to the cloud.
Sales were down across most of its divisions, including PCs, printers, and services, though HP’s enterprise products division reported some growth.
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