The news comes just as Meg Whitman, former eBay Chief, took the helm at HP, reversing some of the decisions made by his predecessor, Leo Apotheker. He recently announced plans to keep your business PCS, HP struggled after Apotheker has made plans to sell or spin off.
Revenues for the fourth quarter that HP is US $ 200 million, down from $ 2.5 billion in the same period last year. Diluted Earnings per share were $ 0.12, down 89 percent from $ 1.10 in 2010.
Net income down 3 percent in the fourth quarter to 32.1 billion, from 33.3 billion in the fourth quarter last year.
HP software group performed the best during the quarter, driven by growth in licenses and services, with revenues up 28 percent as compared to 2010. Financial services revenues also did well, growing 18 percent.
Services revenue increased 2 percent in HP, hitting 5.8 billion for the quarter. But the company's enterprise server, storage and networking group posted revenue declines 4 percent last year, and imaging and printing fell 10 percent year over year.