HP Profit Plunges
HP Monday reported a big drop in profit for its tumultuous first quarter, as the company took a charge of more than $2 billion as part of its closure of the webOS unit.
The company posted a 91 percent drop in profit to $239 million, during the quarter in which Meg Whitman took over as CEO from Leo Apotheker .
"HP has a great opportunity to build on our strong hardware, software, and services franchises with leading market positions, customer relationships, and intellectual property," Whitman said as part of the earnings release. "We need to get back to the business fundamentals in fiscal 2012, including making prudent investments in the business and driving more consistent execution."