HP Profit Down 19 Percent
Hewlett-Packard blamed weakness in sales of PCs and printer ink for a 19 percent drop in profit in its latest quarter, reports The Los Angeles Times.
It reported earnings of $1.64 billion, or 67 cents per share, in the quarter that ended July 31. It reported $2.03 billion, or 80 cents per share, in earnings during the quarter a year ago.
Sales fell 2 percent to $27.45 billion, up slightly from analysts’ projections for $27.26 billion. PC shipments, however, were up 2 percent, reports CNNMoney.com. Analysts have been expecting some recovery in that dismal market.