On Thursday, CEO at HP Meg Whitman asked for patience as she described the declining earnings of the company due to unfortunate circumstances. The CEO stated that various operational challenges along with some other internal problems led to this reduction in earning.
The company during the first fiscal quarter made $1.47 billion (73 cents every share), however, this figure is down by 44 per cent from the figures of the same quarter last year.
Not only did the company suffer due to falling customer demands as well as the Thailand floods, but the matter of systems disinvestments and procedures contributed massively to the loss of revenue during the latest quarter, Whitman commented.
The newly appointed CEO believes that the company is going through a transitional phrase and that HP must improve their internal procedures as well as reduce costs so that money is freed up to be invested in profit making areas.
Currently, it is thanks to the sales of computers and printers that is helping the company earn revenue, however, HP feels that information management, security services and also cloud computing has huge potential.
Concerning their future plans, Whitman commented that: "I feel very good that we know the challenges."
She further added: "We know what we're going to do about them, and we're headed in the right direction," reported Wall Street Journal.