WSJ.com - H-P Posts Weak Results, Shakes Up Storage Unit "Hewlett-Packard Co. said its net income nearly doubled in the recent quarter but missed analysts' expectations, amid poor performance in its unit that sells corporate servers and storage systems. The company plans to shake up management in that division.
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In a statement on the "preliminary" third-quarter results Thursday, Chief Executive Carly Fiorina said satisfactory performance at a number of H-P's businesses was overshadowed by "unacceptable execution" at the enterprise servers and storage unit, where third-quarter revenue of $3.4 billion was down 5% from last year.
"We therefore are making immediate management changes," Ms. Fiorina added. "We are also accelerating our margin improvement plans in this business. With these changes, we expect our server and storage business to return to profitability in the fourth quarter." She didn't immediately outline the personnel moves."
I guess the fact that HP's archrivals in servers aren't losing momentum precluded the usual "... global economic conditions" excuses...
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