Whitman’s HP Plan Sends Shares to 10-Year Low: Tech |
| Businessweek - Oct 4, 2012 |
Meg Whitman’s strategy for turning around Hewlett-Packard Co. (HPQ) failed to convince investors looking for speedier recovery and more sweeping change at a company struggling in everything from personal computers to technology services. The shares closed yesterday at a 10-year low.
Meeting with analysts a year after taking over, Chief Executive Officer Whitman outlined steps that include more focus on corporate customers, narrower product lines and multi- featured machines, such as printers that double as scanners and copiers. She also said the turnaround wouldn’t happen any time soon and projected 2013 profit that missed analysts’ estimates.
The full-day presentation from Whitman and her top lieutenants (HPQ) yesterday raised speculation that the plan may not revive a company that’s lost more than $90 billion in market value since the end of 2009. She blamed the computer maker’s challenges on management upheaval dating back to Carly Fiorina, underinvestment in new products and exposure to a PC business eroded by the shift to smartphones and tablets.
Read Full Article from Businessweek
- Posted: 2012-10-04 13:36:38
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