HP’s Predicament  

HP’s 1st quarter results are ugly:

For the quarter, net revenue of $30.0 billion was down 7% from the prior-year period, and down 8% when adjusted for the effects of currency.

GAAP diluted earnings per share (EPS) [this is a convoluted term that basically means “profit”] was $0.73, down 38% from the prior-year period.

In other words: absolutely awful, and significantly worse than most analyst estimates. HP is in the same position as Dell, which I wrote about yesterday. Actually, it’s in a worse position, because HP hasn’t been able to prove that it can build a competent management structure.