HP profits falls by almost half

HP’s net income fell 44 percent in the first fiscal quarter to $1.5 billion, or 73 cents a share, from $3 billion. The company's net revenue of $30.0 billion was down 7% from the prior-year period, and down 8% when adjusted for the effects of currency. First-quarter sales of home computers fell 25 percent and business-PC revenue was down 7 percent . ”In the first quarter, we delivered on our Q1 outlook and remained focused on the fundamentals to drive long-term sustainable returns," said Meg Whitman, CEO."We are taking the necessary steps to improve execution, increase effectiveness and capitalize on emerging opportunities to reassert HP's technology leadership."