“In the first quarter, we delivered on our Q1 outlook and remained focused on the fundamentals to drive long-term sustainable returns,” said CEO Meg Whitman in a statement. “We are taking the necessary steps to improve execution, increase effectiveness and capitalize on emerging opportunities to reassert HP’s technology leadership.”
According to financial statements released late Wednesday, profit in its quarter ending January 31 – new CEO Whitman’s first – was down 44% compared to a year ago.
Ms. Whitman was installed CEO of HP on September 22, after previous CEO Leo Apotheker was ousted by a board-level coup.
In the quickly growing Asia-Pacific market HP’s profit was down 12%; 8% in the United States; 4% in Europe, the Middle East, and Africa.
HP’s Personal systems division reported a decline of 15% while the company’s storage and networking division saw a 10% decline in profits.
The company’s high-margin printer and ink division saw its profits slump by 7%. Ms. Whitman claims this is the fault of Facebook, as consumers now prefer to share photos via social networking instead of printing them out