Hewlett-Packard, the troubled but biggest maker of personal computers,
on Thursday promised "disruptive innovations" after seeing its profit
slip in the past quarter.
HP said Thursday its net profit for its
first fiscal quarter ending January 31 declined 16 percent from the same
period a year ago to $1.2 billion.
But it also marked a rebound
from the prior quarter's $6.9 billion loss stemming from a massive
write-down in the value of a British company accused of "serious
The most recent quarterly results were
better than expected, amounting to a profit of 82 cents a share, and
revenues also beat forecast despite a six percent drop to $28.4 billion.
which has been struggling amid a consumer shift away from PCs to
tablets and other devices, is in the middle of a major restructuring
program expected to trim some 29,000 jobs.
Chief executive Meg
Whitman said she expected to announce changes at the company as part of
the reorganization, but offered no specifics.
"We'll be bringing a
number of new programs and disruptive innovations to market in the
coming quarters, and we expect the benefits from our restructuring will
accelerate through fiscal 2013," she said in a statement.
HP fended off a challenge from China's Lenovo at the top of the PC market in late 2012, according to the research firm Gartner.
But the company has acknowledged struggling in the shifting technology landscape.
IDC report out Thursday said global tablet sales jumped 78 percent in
the past year, while desktop PC sales were down 4.1 percent and portable
PCs off 3.4 percent.
IDC said that counting all "smart connected
devices," including PCs, tablets and smartphones, HP ranked fourth last
year, with just 4.8 percent of the market, and saw a drop in unit sales
of 8.5 percent.
Samsung was first, followed by Apple and Lenovo.