HP reports $8.9B Q3 loss on writedowns, weak sales, lowers full-year forecast

Hewlett-Packard on Wednesday announced a $8.9 billion loss for its third quarter ended July 31 due to writedowns and weak hardware sales and also said full-year results would be at the low end of its previous guidance.

Earlier this month, HP said it would take an $8 billion "impairment of goodwill" writedown against its services division. "Goodwill" refers to less tangible assets, such as brand strength, that are considered when figuring out a company's total value. HP's $13.9 billion acquisition of services provider EDS has been roundly criticized as too costly.

Source: http://akamai.infoworld.com/d/the-industry-standard/hp-reports-89b-q3-loss-writedowns-weak-sales-lowers-full-year-forecast-200781?source=rss_the_industry_standard

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