HP takes a massive hit

The company earned 2 billion USD in the third quarter ending July, a year-on-year fall of 9%. The company's sales dropped 5% over in the same period, falling to 29.7 billion USD. The loss of 8.9 billion USD includes 1.8 billion USD in restructuring charges. Ultimately, the company plans to trim 27,000 jobs by 2014. The year before the company earned 1.9 billion USD. "HP is still in the early stages of a multi-year turnaround, and we're making decent progress despite the headwinds," said HP's CEO Meg Whitman. © HP