Hewlett-Packard earnings mixed as turnaround bumps along

The glacial turnaround of once-might Hewlett-Packard continues as the company  struggles to escape the pull of gravity.

After markets closed Wednesday, the company reported earnings that fell close to expectations, but overall showed continued declines across most business units in terms of both revenues and profits.

Whoa, is Meg.

Total revenues for the most recent quarter: $29.7 billion, down about 5 percent from a year ago, and bit under analysts’ consensus estimate of $30.1 billion. Profits also tumbled to a $8.9 billion loss, though that includes the costs of previously announced whacking of employees and the write-down in the valuation of the EDS acquisition.

We await the conference call in which HP CEO Meg Whitman will explain why it’s not as bad as it looks, and that brighter days lay ahead.



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