HP Profit Drops
HP has reported a 19 percent drop in profit for the third quarter, due largely to weak sales of PCs.
The computer company posted a profit of $1.64 billion, down from $2.03 billion the same period last year. Sales of PCs dropped 18 percent in the last quarter although, due to lower prices, units sold actually rose 2 percent.
“HP’s performance this quarter is a result of our strong business portfolio, efficient cost structure and scale," chairman and CEO Mark Hurd said in a statement. "We made positive gains in extending our market leadership in key segments and strengthening our competitive position."