http://www.blogcdn.com/www.engadget.com/media/2012/11/hp-logo.jpgThis sounds scarily like the $8 billion write-off](HP exceeds Q3 expectations: rakes $29.7 billion in revenue, still posts a loss) that tainted HP’s Q3 balance sheet, but the source of the company’s woes is different this time. It’s had to take a nearly $9 billion writedown on the value of one of its biggest assets, the British software company Autonomy, following the discovery of serious accounting “improprieties.” These concerns cast major doubt over the $10 billion sum that HP coughed up to purchase Autonomy last year, and have a direct impact on both these Q4 earnings and the reported earnings for 2012. Nevertheless, fourth-quarter net revenue still hit $30 billion, which is a 7 percent fall year-over-year, or just a 4 percent fall if you’re kind enough to factor in the effects of currency. Of that income, the company managed to clutch onto $2.3 billion as profit – a 3 percent fall compared to the end of 2011.
Speaking during the earnings call, CEO Meg Whitman stressed that HP remains "100 percent committed to Autonomy and its industry leading technology, " and more generally described HP’s turnaround strategy as a “multi-year journey” that “will not be linear.”
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Source: HP