HP's slumps deepens in 2Q as earnings fall 32 pct

Associated Press + More

SAN FRANCISCO (AP) — Hewlett-Packard's slump is deepening as the world's largest personal computer maker scrambles to meet the growing demand for more versatile and less expensive mobile devices.

A quarterly earnings report released Wednesday provided the evidence of Hewlett-Packard Co.'s deteriorating condition.

The results included the seventh consecutive decline in HP's quarterly revenue from the previous year. The 10 percent decrease in revenue during the three months ending in April represented the largest drop so far during the downturn.

HP earned $1.1 billion, or 55 cents per share, during its fiscal second quarter. That was down 32 percent from $1.6 billion, or 80 cents per share, last year.

Revenue in the period totaled $27.6 billion, down from nearly $30.7 billion last year.

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