Hewlett-Packard hit by big loss
International / 20 Nov '12, 4:41pm
Hewlett-Packard on Tuesday reported a $6.9 billion quarterly loss, hit by a massive writedown in the value of a British company acquired last year which had “serious accounting improprieties.”
The US computer giant said the results closed the fiscal year with a $12.65 billion loss, sending its share price tumbling some nine percent in pre-market trade.
A HP Invent logo is pictured in front of Hewlett-Packard international offices in Meyrin near Geneva. Credit: REUTERS
HP said it took a writeoff of $8.8 billion in the past quarter, mostly due to “serious accounting improprieties, disclosure failures and outright misrepresentations” at Autonomy Corporation, a British-based enterprise software firm bought by HP hast year for over $10 billion. - Sapa-AFP