HP: No Plans to Cut Printing Sector

Hewlett Packard’s CEO, Ms. Meg Whitman, denied speculation that HP was looking to cut its printing or services sectors in order to maximize shareholder value. Whitman told the media that the company’s turnaround is “on track”, and they are doing better than expected.

The company showed some signs of improvement that she feels is a good reason to be encouraged. “We have no plans to break up the company. I feel quite strongly that we are better and stronger together,” Ms. Whitman said.

For HP’s 1st fiscal quarter (ending January 31, 2013), revenues fell less than expected, giving CEO Whitman encouragement that the company is on track for its planned, 5-year turnaround..

HP showed a $600 million decline in 1Q2013 earnings to US$27.8 billion (from $28.4 billion), while net income dropped 16% to US$1.2 billion and commercial printer revenues fell 9% to $1.3 billion.

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