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HP issues alert for huge loss

business Updated: Aug 09, 2012 23:56 IST
Reuters
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Hewlett Packard Co warned of a mammoth quarterly loss after writing down $8 billion on the value of its services business, most of which it acquired four years ago with its $14 billion purchase of EDS, now called Enterprise Services.

The world's largest computer maker also plans to replace its head of services, a vast but sluggish division that new CEO Meg Whitman wants to reshape into a stronger competitor to the likes of IBM.

Whitman, the former eBay CEO who took up the computing giant's helm in 2011 to some skepticism about her technology and hardware credentials, is trying to turn around the company. HP's stock has lost more than half its value in two years since CEO Mark Hurd resigned on a scandal over his liaison with a marketing contractor.